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
