Verizon stock (NYSE: VZ) closed down 8.75% at $41.65 on Friday, October 9, 2026, marking its worst single-day drop since July 2002.
Key Reasons for the Drop
• SpaceX Spectrum Deal: The sell-off was triggered by news that SpaceX agreed to acquire a nationwide portfolio of low-band 800 MHz spectrum from Grain Management, combined with FCC authorization for thousands of direct-to-phone Starlink satellites.
• Direct-to-Cell Competition: Investors panicked that Starlink Mobile could combine satellite and terrestrial coverage to rival traditional carriers like Verizon, AT&T, and T-Mobile.
• Analyst Downgrades: Scotiabank lowered its price target on Verizon from $51.50 to $50.00 following the announcement.
• Ex-Dividend Factor: Friday also marked Verizon's ex-dividend date for its upcoming $0.71 per share quarterly payout, which accounts for a small portion of the mechanical stock price adjustment.