Why Intelsat Stock Dropped 16% Today
Shares of satellite communications company Intelsat (NYSE: I) got hammered yesterday after the website Multichannel News reported that a new version of a bill making its way through Congress would cap the C-Band Alliance's take from a public auction of 5G spectrum at just $1 billion -- a sum that might have to be split three ways among alliance members Intelsat, Telesat, and Loral Space & Communications.
Today, Intelsat stock was falling even further, and was down 16% at noon EST despite more positive news out of Bloomberg suggesting that the companies could make a lot more than $1 billion. An announcement by Barclays Capital may be the cause of the drop.
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Source Fool.com