AT&T stock fell around 5% on Monday, hitting an intraday 52-week low of $21.29 as a wave of competitive news crashed over the US telecom sector at once.
The stock is now down more than 26% over the past year, pressing against a technical level that chart-watchers see as potential breakdown support. A sustained close below $21.29 would mark fresh multi-year lows.
The biggest catalyst was a report in the Financial Times, published June 26, that SpaceX plans to launch a retail Starlink mobile service for US consumers. SpaceX COO Gwynne Shotwell outlined the plan during the company’s IPO roadshow.
SpaceX also secured licensed AWS-3 spectrum alongside AT&T, Verizon, and T-Mobile following FCC auction results posted on June 26. That gives SpaceX the regulatory footing for a standalone mobile offering, though it still lacks terrestrial tower infrastructure.
Bloomberg News added to the pressure, reporting that SpaceX and Charter Communications held executive-level talks about a potential consumer mobile partnership — one that would pair Starlink’s satellite coverage with Charter’s cable infrastructure.
TD Cowen analyst Gregory Williams said T-Mobile would be the “clear choice” for SpaceX if a wholesale network deal falls through, or if SpaceX prefers to own a wireless business outright.
Verizon took the sharpest hit among the big three, falling 7.6% to $43.02. T-Mobile dropped 6% to $171.78, testing its own 52-week low of $169.00. On a one-year basis, T-Mobile is actually the worst performer of the three, down 28%.
Verizon also announced a 50:50 joint venture with BT Group combining their international enterprise operations. Verizon is paying $625 million to BT as part of the arrangement, a capital allocation decision that rattled investors at a time when domestic network investment looks more pressing.
On top of that, Verizon was removed from the Dow Jones Industrial Average — a symbolic blow that added to already negative sentiment.
Comcast climbed 7.2% to $24.84 after announcing it will spin off NBCUniversal and Sky into a separate public company, carving out a purer-play broadband business. Volume hit over 62 million, roughly double its three-month average.
For AT&T and Verizon, the irony is sharp. A leaner Comcast focused solely on broadband could become a more aggressive competitor on price and coverage, not a weaker one.
Charter Communications’ earlier acquisition of Cox Communications, approved by the FCC in February 2026, already created the largest cable operator in US history — tightening the squeeze on AT&T Fiber and Verizon FiOS from the cable side.
Despite the pressure, AT&T still offers a 4.89% dividend yield and trades at a P/E ratio of 7.53. InvestingPro analysis flags the stock as currently undervalued. The company also declared a quarterly dividend of $0.2775 per share, payable August 3, 2026, to shareholders of record as of July 10.
SpaceX has not confirmed a launch timeline or pricing for its consumer Starlink mobile service. Analyst notes on AT&T and Verizon are expected later this week.
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