Communications Services Down as Speculative Rush Slows -- Communications Services Roundup

Communications services companies fell as a rush into speculative issues slowed.

Optimism about the outlook for interest rates and economic growth faded as investors concentrated on earnings prospects.

"Valuations are elevated versus history and will be constrained by an eventual rise in interest rates," said analysts at brokerage Goldman Sachs Group in a note to clients. "Even avoiding recession, earnings are unlikely to grow substantially in 2023."

Some "meme" stocks maintained their upward momentum. Shares of theater chain AMC Entertainment Holdings surged after it rolled out a new plan to adjust ticket prices during peak times, reflecting seat location, as in Broadway shows.

Magazine publisher a360 Media agreed to sell The National Enquirer, the scandal-plagued supermarket tabloid, for an undisclosed sum to a consortium partly owned by a former MoviePass executive.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

02-06-23 1736ET