US Stock Movers: Telecom Tower Operators Rally Together, Crown Castle (CCI.US) Surges Nearly 14%

Stock News10-23

On Friday, US telecom tower operators rallied collectively, with Crown Castle (CCI.US) surging nearly 14%, American Tower (AMT.US) gaining more than 7%, and SBA Communications (SBAC.US) rising over 6%.

On the news front, according to reports, SpaceX is in talks with cellular infrastructure companies including Crown Castle to acquire at least 80,000 cellular base station sites in the United States to build a nationwide wireless network. Crown Castle is one of the parties in the negotiations, and a potential agreement would involve site leasing. The report stated that the relevant deal could be worth billions of dollars. Crown Castle operates approximately 40,000 US communication towers, and the 80,000 sites SpaceX aims to acquire would equal roughly half of the total 158,500 dedicated cellular towers in the US last year.

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