Communications services companies rose amid optimism about media spending over the holiday season.
Walt Disney shares gave back some of their gains from Monday. Activist investment firm Trian Fund Management reportedly purchased a stake in the entertainment conglomerate and is seeking a seat on its board.
"Deteriorating returns at Disney's Media business may be the unintended consequence of a major management reorganization that was designed to streamline decision making but may have eliminated financial accountability," said analysts at brokerage Morgan Stanley.
Zoom Video Communications fell sharply as the videoconferencing concern, which was highly popular with investors during the pandemic, posted another slowdown in quarterly revenue growth.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-22-22 1707ET
