NEW YORK (TheStreet) -- Gogo
(GOGO) stock is plummeting Tuesday on the news AT&T
(T) plans to roll out its own in-flight Wi-Fi service.
By midmorning, shares had tumbled -21.2% to $14.49.
AT&T, the second-largest carrier in the U.S., said it is building its 4G LTE-based network for use in-flight with help from hardware and service help from Honeywell
SELL NOW: If you own any of the 900 stocks that TheStreet Quant Ratings has identified as a 'Sell'...you could potentially lose EVERYTHING in the next 6-12 months. Learn more.
"We believe this will enable airlines and passengers to benefit from reliable high speeds and a better experience," AT&T chief strategy officer John Stankey said in a statement. "We expect this service to transform connectivity in the aviation industry -- we are truly mobilizing the sky."
Gogo currently providers in-flight connectivity to commercial airlines including Delta Air Lines
, American Airlines
and Japan Airlines
Must Read: Warren Buffett's 10 Favorite Growth Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts