SpaceX's shares increased by 4% following an agreement with Grain Management to purchase its 800 megahertz spectrum portfolio, which is expected to enhance the capabilities of Starlink Mobile. This development negatively impacted major telecom providers, with T-Mobile's shares dropping 7%, AT&T falling nearly 6%, and Verizon losing over 5%, as they may face heightened competition.
In contrast, tower stocks like American Tower and Crown Castle saw gains of 6% and nearly 8%, respectively. Delta Air Lines experienced a 4% decline after reporting third-quarter earnings that fell short of analyst expectations, earning an adjusted $1.72 per share on revenue of $17.59 billion, compared to forecasts of $1.75 per share and $17.67 billion in revenue.
The airline also lowered its full-year earnings outlook due to rising fuel costs. Meanwhile, stocks related to artificial intelligence rebounded after a previous decline, with CoreWeave up 2.5% and Oracle and Broadcom rising 1.5%. Lumentum's shares surged 6% after its CEO announced that its optical components are sold out through 2029, indicating strong demand.
Managed care providers saw volatility after the Centers for Medicare & Medicaid Services released its 2027 Star Ratings, with Humana's shares climbing 14% due to an improved rating, while Alignment Healthcare's shares plummeted 23%. Apple shares fell over 2% after reports indicated a 15% cut in component orders for the iPhone 18 Pro due to weaker demand.
Park Aerospace's shares declined 2.5% despite reporting improved earnings, while Freeport-McMoRan rose 2.5% as gold prices showed signs of recovery