Communications services companies rose as the sector remained volatile in the wake of a series of deals and a hedge-fund debacle.
ViacomCBS ticked down in volatile trading as the stocks affected by the collapse of the Archegos Capital Management family office remained in focus. Shares of the media conglomerate, which have lost roughly half their value in recent weeks, were up by more than 3% before giving up gains late in the session. More than 82 million shares of Viacom changed hands, more than twice its average daily volume for the last 65 days.
A Los Angeles actor was the mastermind of a $690 million Ponzi scheme that bilked investors who thought their money would finance distribution rights for movies that would run on HBO and Netflix, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-07-21 1738ET
