What Just Happened To AT&T Stock?

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AT&T (T) shares fell 8.0% on Friday, October 23, 2026, while the S&P 500 slipped 0.5%. News reports that day linked the drop to a report that SpaceX wants access to at least 80,000 cell sites across the U.S. T-Mobile US fell 7.7% in the same session. What ties SpaceX’s plans to AT&T’s shares, two days after AT&T’s own results?

Why A SpaceX Report Hit AT&T Stock

News reports said the prospect of SpaceX gaining access to that many cell sites was stoking competition fears for wireless carriers, including AT&T. The company’s wireless business was growing when it posted third-quarter results on October 21. Wireless service revenues rose 5% from a year earlier. During the period, AT&T added a net 379,000 postpaid phone customers, which are subscribers who pay a monthly bill.

AT&T beat estimates for both earnings and revenue in the quarter. Adjusted earnings per share were $0.65, against an estimate of $0.60, and revenue was $32.3 billion, against the $31.7 billion expected. Management also raised its full-year outlook for adjusted earnings per share to about $2.40, from a prior range of $2.25 to $2.35. AT&T stock fell 6.4% on the day of the report.

During the October 21 call, management was asked about satellites providing mobile service. It said that reaching the performance customers have come to expect from today’s large networks takes a lot of years and a huge level of investment.

AT&T Fell Alongside T-Mobile US

T-Mobile US shared in the drop, while the rest of AT&T’s peer list and its sector moved far less. Verizon Communications fell 1.2% in the same session, and four of AT&T’s five peers fell. The SPDR fund for its sector, XLC, lost 1.8%.

Where AT&T Stock Stands After The Drop

Falls this large are rare for AT&T, but this was the second one in October. Over the prior 365 days, only one session recorded a fall at least this large: October 9, when the stock dropped 9.8%.

AT&T stock has lost 14.2% over the past year, while the S&P 500 returned 15.1%. These losses materialized quickly, with the stock falling 16.8% in the month to October 23, against a 1.0% dip for the S&P 500. AT&T closed at $20.93, sitting just above its lowest close of the past year, which was $20.48 on July 1, 2026. The stock reached its highest close in that time on March 27, at $29.10.

The shares trade at 1.1 times AT&T’s sales over the past twelve months, against 3.2 times for the S&P 500. AT&T is expected to report its fourth-quarter 2026 results in January 2027, and the net number of postpaid phone customers it adds is the measure to watch.

Does This Mean You Should Act On T?

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