SpaceX spectrum deal sends Deutsche Telekom shares falling 7%

Oct 9 (Reuters) Shares of Deutsche Telekom were on track for their worst trading day in more than three years on ​Friday, after SpaceX on Thursday announced ‌an agreement to buy a nationwide low-band spectrum license portfolio, enabling Starlink Mobile to become a major telecom operator in the US. The German telecommunications group owns ‌a ​54% stake in T-Mobile ⁠US, which could be ⁠facing stiffer competition in the United States. Deutsche Telekom shares, which have lost around a quarter of their value since a February high, ​were down 7% at 0919 GMT, at the bottom of Europe s benchmark STOXX ⁠600 index. We view the news ⁠as an ongoing risk for ​the telecoms and cable stocks, Citi analysts wrote ​in a note to investors, adding that ‌the risk of SpaceX emerging as a facilities-based competitor has likely contributed to these stocks recent poor performance. Stéphane Beyazian, analyst at ODDO ⁠BHF, expects SpaceX to be a big contender at the US Federal Communications Commission