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Why Gogo Stock Is Plummeting Today

NEW YORK (TheStreet) -- Gogo (GOGO) stock is plummeting Tuesday on the news AT&T (T - Get Report) 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 (HON).

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Must Read: Why Oi SA (OIBR) Stock Is Down Today

"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 (DAL), American Airlines and Japan Airlines.

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