700 MHz auction reaches $19 billion

The 700 MHz auction reached $19 billion in bids yesterday as the Federal Communications Commission enacted new rules that make it more difficult for bidders to sit out rounds or make other stealth moves. Auction bidders had to use 95 percent of their bidding units during yesterday's rounds and all subsequent ones, instead of only 85 percent as in previous rounds. Stifel Nicolaus analyst Rebecca Arbogast said the new rule will "flush out people's positions."

For more on the auction:
- read this article from Forbes
- check out our full auction coverage