Verizon Stock Sinks After Hours as SpaceX Eyes 80,000 US Cell Sites for Fourth Wireless Carrier Push

Verizon Communications Inc. (NYSE:VZ)/a> shares are trending Thursday night.

Shares of the New York City-based telecommunications and technology company fell 3.74% to $43.51 in after-hours trading on Thursday.

In the regular session, the stock gained 3.74% to close at $45.20, according to Benzinga Pro data.

SpaceX Cell Site Report Hits Verizon, AT&T and T-Mobile Stocks

The decline in the late trading session wasn’t isolated. T-Mobile US Inc. (NASDAQ:TMUS)/a> fell 4.28%, whereas AT&T Inc. (NYSE:T)/a> dropped 3.30% in the after-hours session.

The stock moves came after a Bloomberg report said Elon Musk’s Space Exploration Technologies Corp. (NASDAQ:SPCX)/a> is negotiating access to at least 80,000 U.S. cell sites. The move could help Starlink take a step toward building its own wireless network across the country.

Verizon Q2 Earnings Recap

The stock move also comes ahead of Verizon’s third-quarter results, due before the market opens Monday.

In the second quarter, reported in July, revenue of $34.25 billion missed the $35.33 billion analyst estimate by 3.04%. Earnings per share of $1.30 beat the $1.27 estimate by 2.36%.

In early October, Scotiabank analyst Maher Yaghi lowered his price target on Verizon to $50 from $51.50 while maintaining a Sector Outperform rating.

Trading Metrics, Technical Analysis

Verizon Communications has a market capitalization of $187.80 billion, a 52-week high of $51.68 and a 52-week low of $38.39.

VZ saw an elevated trading session on Thursday. Volume rose to 28.92 million shares, about 1.14 times its 25.36 million average.

Verizon’s Relative Strength Index (RSI) stands at 47.89.

The stock has gained 13.57% over the past 12 months.

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