Verizon Communications (VZ), T-Mobile US (TMUS), and AT&T (T) shares fell after SpaceX's (SPCX) acquisition of low-band spectrum heightened concerns over growing competition from satellite-based mobile services.

Verizon shares slumped nearly 10% as intraday trading volume soared to over 54 million from a daily average of about 21.8 million.

T-Mobile shares sank past 12% as intraday trading volume soared to over 9 million from a daily average of roughly 4.6 million.

AT&T shares dropped 10% as intraday trading volume jumped to over 87.5 million from a daily average of about 48.3 million.

Alignment Healthcare (ALHC) expects the federal government to assign its California HMO plan, which provides health insurance to Medicare seniors, a lower star rating for 2027, it said late Thursday.

Shares fell 14% as intraday trading volume surged to over 16.3 million from a daily average of about 7.5 million.

Price: 41.28, Change: -4.37, Percent Change: -9.57