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$30.82 0.9  3.1%

Last Trade - 26/05/20

Sector
Telecoms
Size
Large Cap
Market Cap £174.76bn
Enterprise Value £315.94bn
Revenue £147.06bn
Position in Universe 28th / 6359

BUZZ-Intelsat extends dive after FCC chairman backs public auction of spectrum for 5G

Mon 18th November, 2019 8:29pm
(Updates, adds link to story)
    ** Intelsat  I.N  shares dive to lowest since Apr 2018 after
FCC chairman Ajit Pai said Mon he backs public auction of
spectrum for next-generation 5G wireless networks
    ** Intelsat's stock falls 50% to session low $6.71 on volume
of more than 44 mln shares, busiest day ever
    ** Shares last down 43.5% to $7.53 and stretching MTD plunge
to 70%, worst such showing ever
    ** Major satellite service providers including Intelsat,
Telesat and SES SA, have argued a private sale would make
spectrum available for 5G faster
    ** But 2 Republican senators said Mon they introduced
legislation to require spectrum auction to begin before the end
of 2020, with at least 50% of auction value revenues to be
reserved for U.S. taxpayers
    ** In a statement, the satellite firms said they would
"continue to work cooperatively with the FCC to develop an
effective alternative plan and achieve the best outcome for the
American public..."  urn:newsml:reuters.com:*:nL2N27Y0M0
    ** Intelsat began sharp descent last week after JP Morgan
downgraded stock to "neutral" from "overweight", saying push for
a public rather than private spectrum auction had gained
momentum and process had become more complicated  urn:newsml:reuters.com:*:nL2N27T12P
    ** In turn, brokerage slashed Intelsat's estimated C-Band
spectrum proceeds by $2 bln to ~$8 bln
    ** Early Mon, Morgan Stanley cut its PT by $3 to Street-low
$19, below $22 median (Refinitiv data)
    ** 4 of 10 analysts covering Intelsat rate stock "buy" or
stronger, 5 rate "hold" and 1 recommends selling

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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