Communications Services Up as AT&T Surges -- Communications Services Roundup

Communications services companies rose amid strong gains for one telecom giant.

AT&T shares rallied after the telecom giant said it expects to return more than $40 billion to shareholders over the next three years through stock buybacks and its existing dividend payouts. Investors have applauded AT&T's decision to spin off its Warner Bros unit and back away from media to concentrate on its wireless-phone and fiber-Internet offerings.

Smartphone maker Samsung saw shares slide after South Korea descended into chaos following the parliament's rejection of President Yoon Suk Yeol's decision to impose martial law.

There's likely to be a wave of consolidation among betting firms, said DraftKings Chief Executive Jason Robins, at a gaming conference.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

12-03-24 1754ET