Why AST SpaceMobile Stock Just Crashed 10%
AST SpaceMobile (NASDAQ: ASTS) stock tumbled 10.5% through 10:10 a.m. ET this morning on what -- one would think -- was actually some pretty good news. (And as we'll see, that may be the problem.)
Overnight, SpaceX successfully launched five AST BlueBird satellites into orbit from its launch pad at Cape Canaveral. Once set in their orbits, says AST, it will begin offering "approximately 100% nationwide coverage from space with over 5,600 coverage cells in the United States," with data download speeds up to 120 Mbps.
Admittedly, this wasn't unexpected. While it may not be quite a "buy the rumor, sell the news" situation, it's at least a kind of "buy when you think something's going to happen, and sell when it does" event. AST's BlueBird launch has been on SpaceX's manifest for months, and today's launch was foreknown.
Source Fool.com
