Satellite Stock Orbiting Red on Wall Street

SpaceX's $17 billion acquisition of AWS-4 and H-block wireless spectrum licenses from EchoStar (SATS) is shaking up the stock market today. While the stock is continuing to build on this morning's gains, rival AST SpaceMobile Inc (NASDAQ:ASTS) is buckling under the pressure of the strengthened competition.

ASTS cratered following the announcement, off 6.1% to trade at $39.84, at last check, erasing yesterday's brief rebound. The 120-day moving average has moved in as support, as the equity trades at levels not seen since mid-June.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 10-day put/call volume ratio of 3.65 that ranks in the highest percentile of annual readings. This leaves plenty of room for bulls to move in, should this bearish sentiment unwind.