The FCC repealed net neutrality - and cable companies fell
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- The Federal Communications Commission voted to repeal net neutrality rules on Thursday.
- Many of the major telecom companies were down after the vote.
The Federal Communications Commission, chaired by Ajit Pai, voted to reclassify the internet as a Class I utility, turning over so-called net neutrality regulations put in place in 2015.
After the vote on Thursday, blocking, throttling and paid prioritization by internet service providers will no longer be prohibited. Pai and his fellow Republican commission members have said reversing the rules will return the telecom industry to a period of light-touch regulation that will spur growth and investment in the sector.
The new rules are not set to go into effect for 60 days, in which critics are sure to file lawsuits to stop the rules from going into place. To no avail, the two Democratic commissioners, as well as many members of Congress on both sides of the aisle, asked Pai and his commission to delay Thursday's vote.
Many of the largest internet providers in America started the day down in anticipation of the FCC's vote, and all but Comcast ended the trading session lower than their open. The S&P 500 started the day in positive territory but ended the day down 0.39%.
Here's how the major internet providers ended the day after the vote:
- Verizon (VZ) -1.04% at $52.34
- AT&T (T) -0.79% at $37.74
- T-Mobile (TMUS) -1.27% at $62.56
- Sprint (S) -1.05% at $5.63
- Comcast (CMCSA) +1.40% at $39.12
- Charter (CHTR) -0.10% at $328.68
- CenturyLink (CTL) -1.67% at $16.47
- Telus (TU) -0.74% at $37.62
- Time Warner (TWX) -0.46% at $89.65