Communications services companies rose after surprisingly strong earnings from Walt Disney.
Shares of the entertainment conglomerate registered one of their biggest intraday gains since 2020 after it added more subscribers than anticipated to its Disney+ streaming service. Disney pared gains later in the session.
New York Times Co. rallied after reports that activist investment firm ValueAct took a roughly 6.7% stake in the company and said it may seek representation on the newspaper publisher's board.
Australian telecom giant Telstra increased its full-year dividend for the first time in seven years after lifting annual earnings by 8.4% and confirming expectations of another rise in the 2023 fiscal year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-11-22 1635ET
