CCI - Communications stocks mixed weighed down by slides in conglomerate names

A very mixed communications sector is slightly lower today, with individual positive outliers dampened by heavy selling pressure on some of the bigger names/conglomerates. The S&P 1500 Composite Communications Services index is down 0.3%, but that's affected by the impact of a slide in ViacomCBS ([[VIAC]] -27.9%, [[VIACA]] -28.1%), which just came off a pair of volatility halts. Discovery (DISCA -20.7%) is also substantially lower, and it joins ViacomCBS in the club of media stocks that have had a terrific 2021 run until lately. Both ViacomCBS and Discovery were downgraded by Wells Fargo today. Big block trades in media names (Chinese and American) are playing a part, and chatter is linking that to forced deleveraging from a particular fund. AMC Networks (AMCX -15.9%) is also sharply lower off a Wells Fargo downgrade. Meanwhile, particular subsectors are seeing better results; telecoms (particularly larger names) are up in low single digits: Verizon

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Communications stocks mixed, weighed down by slides in conglomerate names