SpaceX's enhancement of its Starlink Mobile service has intensified competition for traditional telecom providers, leading to substantial declines in T-Mobile, AT&T, and Verizon shares, which fell 13% and 10% respectively. In contrast, cellular tower companies like Crown Castle, SBA Communications, and American Tower saw gains of 12%, 6%, and nearly 8%, respectively, as investors shifted focus.
Teva Pharmaceutical Industries experienced a 6% increase in shares following FDA approval of its long-acting injectable treatment for schizophrenia. Conversely, Avient's shares dropped over 7% after the resignation of CEO Ashish Khandpur. Archer Aviation's stock rose 3% after Barclays initiated coverage with an overweight rating and a price target suggesting a 69% upside.
Delta Air Lines reported weaker-than-expected earnings, causing its shares to fall almost 2%, while Lumentum's stock surged about 7% due to strong demand for its optical components. Managed care providers reacted to the Centers for Medicare & Medicaid Services' 2027 Star Ratings, with Humana shares rising 12% and Alignment Healthcare dropping nearly 14%.
Apple shares fell nearly 2% after reports of reduced component orders for the iPhone 18 Pro due to lower demand. Park Aerospace's stock lost 9% despite reporting improved earnings year-over-year, while Freeport-McMoRan gained 3% as gold prices increased