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Shares of Intelsat(NYSE: I), one of three large satellite communications companies hoping to profit from an auction of C-band wireless spectrum licensed to them but owned by the United States, soared in Wednesday trading, closing the day up 8.9%.
There was no actual news today to explain the rally, only a comment by Bloomberg analysts that, in the absence of Congressional action, the Federal Communications Commission is likely to proceed with running a public auction of the spectrum.