Communications stocks log strong weekly gain, with Disney a standout
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Communications stocks logged their second straight weekly gain as the broader market rallied and every sector came up positive - and a few companies reporting upside earnings took advantage of the good vibes.
The S&P 500
rose 3.3% for the period, helped by a late-week surge and a Friday rally. All 11 of its major sectors advanced for the week, and Communication Services stocks were there in the pack gaining 3.6% over that span. The Communication Services Select Sector SPDR Fund (XLC) rose by 4.3%.
Most of the week's Communications gainers were building on a good month. The exception was the top advancer, Snap (NYSE:SNAP), which rose 14.2% in a rebound move (the stock is still down 16.7% over the past month, and 70.7% below where it was six months ago).
But the second-best gainer, Walt Disney (NYSE:DIS), built on its good month with a 14% advance for the week spurred by uniformly positive earnings led by a surge in its Parks business, and aided by some better-than-expected streaming subscriber uptake.
News Corp. (NWS) (NWSA) also jumped 11% this week, joining the top five gainers entirely on the back of a solid earnings beat delivered late Monday strengthened by profits that almost doubled in a subscription rebound from the COVID-19 pandemic.
And what's a gainers/losers list in Communications without AMC Entertainment (AMC) - this week on the positive side, rising 10.2% starting with a Monday meme-stock rally that lifted other hot names in social media.
Turning to the relatively few decliners, Warner Bros. Discovery (NASDAQ:WBD) was the biggest one among large-cap Communications names, down 6.2% for the week as its sell-off from an Aug. 4 earnings disappointment continued. Warner Music Group (NASDAQ:WMG) was the second-worst loser, down 3.8% off its own earnings report despite topping expectations.
And Take-Two Interactive Software (TTWO) also fell 3.2% for the week after its Monday earnings delivered an outlook that disappointed Wall Street analysts.
The top five gainers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):

Snap (SNAP), +14.2%;
Walt Disney (DIS), +14%;
News Corp. Class B (NWS), +10.9%;
News Corp. Class A (NWSA), +10.7%;
AMC Entertainment (AMC), +10.2%.

The five worst performers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):

Warner Bros. Discovery (WBD), -6.2%;
Warner Music Group (WMG), -3.8%;
Take-Two Interactive Software (TTWO), -3.2%;
Electronic Arts (EA), -0.9%;
AT&T (T), -0.4%.