Why Intelsat Stock Plummeted 40% Today

The down-again, up-again roller-coaster ride that has been Intelsat (NYSE: I) over the past week or so took a sudden, jagged turn down again on Monday, with shares of the satellite communications stock closing off a staggering 40%.

You can blame Twitter for that -- and also the FCC.

On Monday, Federal Communications Commission Chairman Ajit Pai tweeted out his support for a movement in Congress to hold a public auction of C-Band spectrum, currently controlled by Intelsat and fellow satcoms Telesat and Loral Space & Communications.  

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Source Fool.com