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Communications Services Mixed As Disney Rallies, Netflix Falls On Vaccine Update - Communications Services Roundup

11/09/2020 | 05:42pm EST

Communications services companies were mixed as promising results for a vaccine trial were seen as a life-saver for the cinema and entertainment-park businesses but anathema for streaming services.

Shares of Walt Disney, which still has theme parks either closed or operating at below-capacity levels, rallied by more than 10%, testing levels last seen in February, the month before Covid-19 lockdowns began.

The nation's largest cinema chain AMC Entertainment saw its shares rise by more than 50%. Survival for AMC and rival Cinemark, which rose by a similar increment, was in doubt earlier in the year as reopening plans were constantly scuppered.

Shares of streaming giant Netflix fell sharply. Local television station owners such as Tegna and Nexstar Media Group said advertising spending rebounded in the third quarter after many advertisers suspended spending during the depth of the pandemic.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-09-20 1741ET

Stocks mentioned in the article
ChangeLast1st jan.
AMC ENTERTAINMENT HOLDINGS, INC. 6.88% 2.33 Delayed Quote.9.91%
CINEMARK HOLDINGS, INC. 0.68% 19.11 Delayed Quote.9.76%
NETFLIX, INC. -0.58% 497.98 Delayed Quote.-7.91%
NEXSTAR MEDIA GROUP, INC. 0.28% 111.35 Delayed Quote.1.98%
THE WALT DISNEY COMPANY -1.15% 171.44 Delayed Quote.-5.38%
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