Stocks on the move: SpaceX, Humana, AbbVie
SPY•U.S. indexes edged higher as oil prices retreated; Crown Castle rose 14.6%, Humana gained 12.5%, and T-Mobile fell 12.1% after SpaceX’s spectrum deal raised competitive concerns for telecom shares.
1. Indexes edge higher
At 11:32 EDT on Friday, the Dow rose 0.48% to 51,479.82, the S&P 500 gained 0.42% to 7,797.96, and the Nasdaq Composite advanced 0.44% to 27,312.91. Oil prices retreated as Middle East supply concerns eased.
2. Companies move on news
Crown Castle and American Tower rose 14.6% and 8.6%, respectively, as U.S. cell tower operators gained after SpaceX’s spectrum acquisition. T-Mobile fell 12.1%, Verizon dropped 8.9%, and AT&T declined 8.8% amid competitive concerns. Humana rose 12.5% on higher Medicare Advantage ratings; UBS lifted its target for AbbVie as focus expands beyond immunology drugs.
