Why Intelsat Stock Just Jumped 20%
It was bound to happen sooner or later. After seeing the stock slide for five straight days on worries that Congress would steal all its profits from a proposed sale of C-band spectrum to 5G internet providers, Intelsat (NYSE: I) investors finally got some good news today.
In an announcement that came out just this morning, the C-Band Alliance comprising Intelsat and its peer satellite communications providers SES and Telesat advised that they are offering the U.S. Treasury a generous chunk of any auction proceeds, assuming the Federal Communications Commission allows the auction to proceed.
As of 12:35 p.m. EST, Intelsat stock is up 20% in response.
Source Fool.com