Today is an eventful day for T-Mobile (NASDAQ:TMUS), to say the least. For one thing, T-Mobile’s market capitalization surpassed that of Verizon (NYSE:VZ) yesterday. Also, not just one, but three new companies have joined T-Mobile’s 5G-enhanced Accelerator program. On top of all that, the company is teaming up with Elon Musk’s space exploration business, SpaceX, to potentially expand cell phone connectivity globally. TMUS stock is trending today due to these exciting developments.
Obviously, there’s a lot for today’s traders to consider. To begin, T-Mobile can now mark a major milestone, as its market cap just surpassed that of rival Verizon. The Wall Street Journal reported T-Mobile’s market cap reached $183.68 billion yesterday, versus Verizon’s $183.4 billion.
Along with that, T-Mobile’s shareholders can celebrate the company’s addition of three businesses to its Accelerator program. These businesses – Foundry Six, Stops and weR – will “leverage T-Mobile’s powerful 5G network to build immersive [augmented reality] applications using the Snapdragon Spaces XR Developer Platform.”
What’s Happening with TMUS Stock?
It’s understandable, then, that today’s trading volume would be fairly heavy with TMUS stock. Indeed, nearly 900,000 shares traded hands within the market’s first hour. That’s a decent amount for a $145-ish stock.
The T-Mobile share price remained flat to slightly red in early trading, but there’s a non-company-specific event in play today. In particular, at his annual Jackson Hole Symposium speech, Federal Reserve Chairman Jerome Powell indicated that “some pain” might be required to combat inflation.
That phrase put the market in a sour mood, so we can’t really blame traders for being distracted from the aforementioned news items concerning T-Mobile. Still, the SpaceX collaboration could generate interest in the coming weeks and months. According to the press release:
“Leveraging Starlink, SpaceX’s constellation of satellites in low Earth orbit, and T-Mobile’s industry-leading wireless network, the Un-carrier plans to provide near complete coverage in most places in the U.S. – even in many of the most remote locations previously unreachable by traditional cell signals.”
This partnership could expand what’s possible with cell phone coverage, while providing ongoing press coverage to SpaceX and T-Mobile. So, after the Jackson Hole uproar subsides, there could soon be a big move in TMUS stock.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.