Communications services companies were more or less flat as some of the stocks hardest hit in the fallout from the Archegos Capital collapse rebounded.
ViacomCBS shares rose, recouping a smidgen of recent dramatic losses associated with the apparent collapse of multibillion dollar family-office hedge fund Archegos Capital.
The volume of shares traded indicated that the volatility swirling around the company's shares was not yet over, said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.
More than 149 million shares of ViacomCBS changed hands Tuesday, dwarfing the 65-day average volume of 25 million shares.
Shares of another stock affected, Discovery Communications, also rose on high volume.
Former Warner Music Chief Executive Edgar Bronfman Jr. is the latest big name to join the blank-check craze, filing paperwork to raise $300 million for media, tech or entertainment investment via a special-purpose acquisition company he's launching with media investor Daniel Leff.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-30-21 1730ET
