The catalyst
SpaceX Is Killing Telecom Stocks: IYZ ETF Hits Longest Losing Streak Ever Against the S&P 500
The thesis
The IYZ telecom ETF underperformed SPY for 12 straight sessions, its longest losing streak since 2000, after SpaceX moved into U.S. wireless; AT&T, Verizon, and T-Mobile slid premarket.
