Communications Services stocks rose again along with the broader market this week, the second straight weekly win for stocks overall as well as the telecommunications and media stocks in the sector.
The SPDR S&P 500 Trust ETF rose 1.8% for the week, cutting into 2022 losses. It was led by surging energy stocks, though communications stocks in the middle of the gainers pack also rose 2.1% over that five-session span.
The top Communications gainer of the week was the nation’s top movie-theater operator that’s now branched out into gold mining investments: AMC Entertainment (NYSE:AMC). The stock rose just over 28% for the week, led by a rash of buying (coinciding with heavy Reddit chatter) over its best two-day stretch since last summer.
Share classes in Formula One (NASDAQ:FWONA, FWONK) pulled off double-digit gains for the week after the racing sport opened its season in Bahrain, and Ferrari fans built up high hopes for a season win after taking the top two spots. With most of the week done, buyers were unconcerned with Friday news that a Saudi Aramco fuel depot was hit by drone attacks near the upcoming Saudi Arabian Grand Prix, which is moving forward.
Large-cap decliners were once again led by some videogame names suffering in 2022 (losses weren’t so bad, except in comparison to the large number of advancers) – and a reversal from last week: Sea Limited (NYSE:SE) fell 5.2% for the week, just a week after it was the sector’s best performer. And Roblox (NYSE:RBLX) slipped 5.1%, the second-worst decliner a week after it was the second-best gainer.
The top five gainers over the past week among large-cap Communications Services stocks and larger ($10B market cap or more):
- AMC Entertainment (AMC), +28.1%;
- Formula One Group Series A (FWONA), +12.4%;
- Formula One Group Series C (FWONK), +11.1%;
- Telefônica Brasil (VIV), +6.6%;
- América Móvil (AMX), +5%.
The top five decliners over the past week among large-cap Communications Services stocks and larger ($10B market cap or more):