Communications stocks dip for week, though Paramount, Pinterest make gains
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Communications stocks fell for yet another week, but some concentrated dip-buying helped the sector outperform the broader market, which took a particular midweek hit.
The Communication Services Select Sector SPDR Fund (XLC) fell 1.6% for the week, vs. an S&P 500 that declined about 3%. The XLC fund came close to the 52-week low set partway through last week - but hovered above it.
And taking the edge off that decline was the sector's top large-cap gainer by a ways, Paramount Global (NASDAQ:PARA), which rose 15.1% for the week - almost entirely off the news that Warren Buffett and Berkshire Hathaway took a 68.9 million-share stake in the entertainment company.
Once again, the top gainers list included defensive foreign telecom investments. AmÃ©rica MÃ³vil (NYSE:AMX) rose 10.7% for the week, and TelefÃ´nica Brasil (VIV) picked up 5.7%.
Pinterest (PINS) continues to see yo-yo action from week to week: It was the third-best large-cap gainer in Communications stocks for the week, up 6.7%; last week it was among the top losers.
Turning to the other side of the ledger: Twilio (NYSE:TWLO) was the top decliner, down 7% in a week that got off to a bad start following a downgrade at Baird.
Alphabet (NASDAQ:GOOG) (GOOGL) was also a top decliner for the week, down 6.2%, as it served as a bellwether for the tech sell-off and saw its share of bad news, including new legislation in the Senate that could force a break-up of its ad businesses.
And Twitter (TWTR), last week's biggest large-cap Communications loser, actually took some edge off in another week where its Elon Musk acquisition drama rolled on. Declining 6% for the week still put it among the dregs of sector performance - but at least it wasn't the worst out there.
The top five gainers over the past five sessions among large-cap Communications Services stocks and larger ($10B market cap or more):

Paramount Global Class B (PARA), +15.1%;
AmÃ©rica MÃ³vil (AMX), +10.7%;
Pinterest (PINS), +6.7%;
Baidu (BIDU), +6.4%;
TelefÃ´nica Brasil (VIV), +5.7%.

The top five decliners over the past five sessions among large-cap Communications Services stocks and larger ($10B market cap or more):

Twilio (TWLO), -7%;
Alphabet Class C (GOOG), -6.2%;
Alphabet Class A (GOOGL), -6.2%;
Snap (SNAP), -6%;
Twitter (TWTR), -6%.