Why AT&T Stock Slumped in October

AT&T (T) fell more than 14% in October, even after the company beat third-quarter earnings estimates. The culprit: investor fear over SpaceX (SPCX) pushing into consumer wireless.

The selloff points to a market pricing in competitive threat rather than reacting to results. A earnings beat failed to stop the slide, which suggests sentiment, not fundamentals, drove the move.

The threat is built on three specifics. SpaceX acquired wireless spectrum. It secured FCC approval for its Gen2 satellite constellation. It also reportedly plans to build 80,000 cell sites across the U.S., a footprint that would position it as a potential nationwide wireless carrier competing directly with incumbents.

Interpretation: the 80,000-site figure is what likely gives the bear case weight. A buildout of that scale reads as a serious carrier ambition, not a niche satellite play. Because the plan is reported rather than confirmed, the market may be discounting a worst-case outcome for T.

Incumbent peers in the same competitive frame include VZ and TMUS, though the source ties the October drop specifically to T.