US and European telecom stocks were among the top decliners on their respective benchmarks on Friday after SpaceX's acquisition of low-band spectrum heightened concerns over growing competition from satellite-based mobile services. With the deal, SpaceX aims to allow Starlink Mobile to bypass conventional cell towers where possible, and compete with the big wireless carriers on both broad coverage and reliable indoor service, potentially positioning satellite connectivity as a mainstream alternative to traditional cellular networks. T-Mobile US slid 9.1% to its lowest level in over 33 months, AT&T dropped 7.4% and Verizon lost 5.9% -- both stocks hitting their lowest in over two months. All three were the biggest percentage decliners on the S&P 500 in early trading. "The implications for AT&T, T-Mobile, and Verizon are somewhat negative: their defenses against low-band spectrum claims are weakening," said Kutgun Maral, media, cable & telecom equity research analyst at Evercore ISI....
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