After-Hours Movers:

AT&T (NYSE: T), Verizon Communications (NYSE: VZ) & T-Mobile (NASDAQ: TMUS)

Legacy U.S. telecommunications giants dropped sharply across the board after SpaceX announced a landmark definitive agreement to acquire Grain Management's nationwide 800 MHz low-band spectrum portfolio. Shares of AT&T fell 8%, Verizon dropped 7%, and T-Mobile slid 7%. The acquisition resolves a critical technical obstacle for SpaceX's Starlink Mobile, granting it up to 14 MHz of paired low-band frequencies that can penetrate buildings and physical obstacles. Coupled with its existing 2 GHz mid-band spectrum, the acquisition positions Starlink Mobile—once cleared by the FCC—to deploy the first integrated hybrid satellite-terrestrial network directly competing with traditional cell carriers.

SpaceX (NASDAQ: SPCX)

SpaceX shares edged up 1% following the announcement of its 800 MHz spectrum acquisition. The transaction gives Starlink Mobile a low-frequency coverage layer compatible with most existing, unmodified smartphones, paving the way for seamless indoor, outdoor, and dead-zone coverage without requiring hardware upgrades from consumers.

Humana Inc. (NYSE: HUM)

Humana shares skyrocketed 16% after new data from the Centers for Medicare & Medicaid Services (CMS) revealed a major operational recovery in its Medicare Advantage Star ratings. Crucially, Humana's largest Medicare Advantage contract—covering over 2 million beneficiaries—regained the required threshold to earn federal quality bonus payments, removing a multi-billion-dollar revenue threat for fiscal 2028.

Alignment Healthcare (NASDAQ: ALHC) & CVS Health (NYSE: CVS)

Alignment Healthcare plummeted 21% and CVS Health fell 4% following the release of the updated 2028 CMS Star ratings. CVS's Aetna unit saw quality score downgrades across several of its primary Medicare Advantage plans, threatening its eligibility for quality bonus payouts. Industry bellwether UnitedHealth Group (NYSE: UNH) slipped 1.2%, while Clover Health Investments (NASDAQ: CLOV) gained 4.8%.

American Express Company (NYSE: AXP)

American Express shares slipped 1% in extended trading following coordinated regulatory enforcement actions from federal banking authorities. The Federal Reserve Board issued an enforcement order against American Express Company addressing its failure to sufficiently detect, monitor, and report suspicious activity connected to money laundering. Concurrently, subsidiary American Express National Bank consented to a cease-and-desist order and agreed to pay a $350 million civil money penalty assessed by the Office of the Comptroller of the Currency (OCC) due to Bank Secrecy Act (BSA) and anti-money laundering compliance deficiencies.