Communications stocks logged their second straight weekly gain as the broader market rallied and every sector came up positive - and a few companies reporting upside earnings took advantage of the good vibes.
The S&P 500 rose 3.3% for the period, helped by a late-week surge and a Friday rally. All 11 of its major sectors advanced for the week, and Communication Services stocks were there in the pack gaining 3.6% over that span. The Communication Services Select Sector SPDR Fund ( XLC ) rose by 4.3% .
Most of the week's Communications gainers were building on a good month. The exception was the top advancer, Snap ( NYSE: SNAP ), which rose 14.2% in a rebound move (the stock is still down 16.7% over the past month, and 70.7% below where it was six months ago).
But the second-best gainer, Walt Disney ( NYSE: DIS ), built on its good month with a 14% advance for the week spurred by uniformly positive earnings led by a surge in its Parks business, and aided by some better-than-expected streaming subscriber uptake.
News Corp. ( NWS ) ( NWSA ) also jumped 11% this week , joining the top five gainers entirely on the back of a solid earnings beat delivered late Monday strengthened by profits that almost doubled in a subscription rebound from the COVID-19 pandemic.
And what's a gainers/losers list in Communications without AMC Entertainment ( AMC ) - this week on the positive side, rising 10.2% starting with a Monday meme-stock rally that lifted other hot names in social media.
Turning to the relatively few decliners, Warner Bros. Discovery ( NASDAQ: WBD ) was the biggest one among large-cap Communications names, down 6.2% for the week as its sell-off from an Aug. 4 earnings disappointment continued. Warner Music Group ( NASDAQ: WMG ) was the second-worst loser, down 3.8% off its own earnings report despite topping expectations.
And Take-Two Interactive Software ( TTWO ) also fell 3.2% for the week after its Monday earnings delivered an outlook that disappointed Wall Street analysts .
The top five gainers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):
- Snap ( SNAP ), +14.2% ;
- Walt Disney ( DIS ), +14% ;
- News Corp. Class B ( NWS ), +10.9% ;
- News Corp. Class A ( NWSA ), +10.7% ;
- AMC Entertainment ( AMC ), +10.2% .
The five worst performers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):
- Warner Bros. Discovery ( WBD ), -6.2% ;
- Warner Music Group ( WMG ), -3.8% ;
- Take-Two Interactive Software ( TTWO ), -3.2% ;
- Electronic Arts ( EA ), -0.9% ;
- AT&T ( T ), -0.4% .
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Communications stocks log strong weekly gain, with Disney a standout