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Cablecos lowers Communications stock week with declining user growth reports (NASDAQ: FB)

Cablecos lowers Communications stock week with declining user growth reports (NASDAQ: FB)

Torsten Asmus / iStock via Getty Images

Another tough week for stocks (with a particularly harsh ending) makes the competition for the announcement The service sector’s best wins a rather small skirmish.

Only seven of the industry’s big names (market value of $ 10 billion or more) even made any profit at all for the week – with dozens of others recording declines during that period.

Communication Services Select Sector SPDR Fund (XLC) fell 3.7% for the week – and it is down 24.5% year to date.

The biggest declines were marked by a group that has been in decline for several months: cable companies. Charter communication (NASDAQ: CHTR) was the worst performing Communications stock among large-caps, sliding 16.2% to a low of two years. A harsh Thursday after peer Comcast’s earnings turned into a worse Friday, with Charter’s own report showing that growth in broadband users slowed significantly.

(For its part, Comcast (CMCSA) also found its lowest level in two years along with its own earnings, and it was the fifth worst decline, down 12.4% for the week.)

Liberty Broadband stock classes made up two of the other three names on the list of deniers, with its Series C (NASDAQ: LBRDK) and Series A (LBRDA) shares a decrease of 13.3% and 13.2% for the week resp.

The winner list also had earnings drivers to thank. Meta Platforms (NASDAQ: FB) was the second-best performer with an emergency show for long-suffering and lifts the stock 8.9% for the week on the back of an earnings report that reassured investors prepared for the worst after last quarter.

Pinterest was the fourth best gainer, at 4.8%after it moved up in sympathy with Meta and on its own earnings report, where it topped revenue expectations.

And Chinese Internet names joined the winners jokingly amid reports that China may be backing its hardcore regulatory stance on the technology sector. The gaming company NetEase (NASDAQ: DETECTOR) was the biggest big business communications winner of the week, at 11%while Baidu (BIDU) was No. 3, with one 8.4% gain.

The five biggest winners over the past five sessions among major Communications Services stocks and larger (market value of $ 10 billion or more):

  • NetEase (NTES), +11%;
  • Meta Platforms (FB), +8.9%;
  • Baidu (BIDU), +8.4%;
  • Pinterest (PINS), +4.8%;
  • Match Group (MTCH), +2.4%.

The five largest declines over the past five sessions among major Communications Services stocks and larger (market value of $ 10 billion or more):

  • Charter Communications (CHTR), -16.2%;
  • Liberty Broadband Series C (LBRDK), -13.3%;
  • Liberty Broadband Series A (LBRDA), -13.2%;
  • Take-Two Interactive Software (TTWO), -12.4%;
  • Comcast (CMCSA), -12.4%.

Comcast (CMCSA) and Charter (CHTR) are responding to the rapid growth of streaming by joining forces in a joint venture to compete with Roku, Amazon, Google and others with a new streaming hardware platform.

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