In a week where the broader market eked out a gain despite declining in four of the five sessions, Communications stocks were again on the upside among sectors.
The S&P 500 rose 0.4% for the period, a bit of a comedown after last week’s strong 4.3% gain. But while sectors like Energy and Healthcare declined, Communication Services stocks rose 1.7% for this week, and the Communication Services Select Sector SPDR Fund (XLC) rose by 1.3% over that period.
And large-cap advancers were led by the once and future meme stock, movie theater operator AMC Entertainment (NYSE:AMC), which put the button on a week of five straight advances with an 18.9% gain Friday. The stock rose 52.3% for the week, all told, and Thursday after the bell brought earnings – and news of a new preferred stock issue that could theoretically upend the company’s capital structure in the future.
Third-best among large-cap stocks was Pinterest (PINS), which reported earnings Monday featuring revenues in line with expectations and an important vote of confidence from top investor Elliott Management. The stock rose 15.8% for the week.
The top five gainers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):
- AMC Entertainment (AMC), +52.3%;
- Roku (ROKU), +25.6%;
- Pinterest (PINS), +15.8%;
- Sea Limited (SE), +14.7%;
- Roblox (RBLX), +14.7%.
The five worst performers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):