Satellite stock Intelsat drops 40% after FCC 5G decision

Ajit Pai Brad Quick | CNBC

PUBLISHED MON, NOV 18

Michael Sheetz

The Federal Communications Commission (FCC) announced on Monday that it will publicly auction off a valuable telecommunications asset, in a move investors viewed as a blow to U.S. satellite communications provider Intelsat.

Shares of Intelsat dropped 40% in heavy trading volume after FCC Chairman Ajit Pai said in a tweet that his agency “must free up significant spectrum” for 5G telecommunications. The FCC told CNBC that it expects an auction to happen “before the end of 2020.”

Read more at

https://www.cnbc.com/2019/11/18/intelsat-stock-drops-as-fcc-will-auction-satellite-spectrum-for-5g.html

Related Posts

%d bloggers like this: