Communications-services companies were higher as investors shifted back into the sector as they eased up on the reopening trade.
After a reversal last year, global ad spending is forecast to snap back from the pandemic even faster than previously predicted, GroupM said in its latest forecast. Worldwide advertising revenue will jump 19% to $749 billion in 2021, excluding U.S. political advertising, said GroupM, which houses the media-buying agencies and data operations of ad giant WPP. In December, the company had predicted a 12% increase for this year.
AMC Entertainment shares continued to rally, proving the meme-stock sensation is far from over. Shares of the movie-chain operator gained 16%, extending its gain over the last month to more than 300%.
The European Union's top court is set to weigh in Tuesday on whether a privacy regulator in one country can sanction a company if its headquarters is in another country. A go-ahead would potentially open firms up to more penalties. A ruling due in a case between Facebook and the Belgian data protection authority could impact any company that does business in any of the 27 EU countries.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
06-14-21 1744ET
