Communications services companies fell, but not by as much as the broad market, after the resolution of a strike in Hollywood.
The Screen Actors Guild-American Federation of Television and Radio Artists said its TV and theatrical committee approved a tentative agreement with the Alliance of Motion Picture and Television Producers in a unanimous vote Wednesday afternoon, bringing the monthslong strike to an end.
Walt Disney shares surged to one of their largest gains since 2020 after the entertainment conglomerate said it was slashing billions of dollars in costs, and posted a tally of streaming subscribers more or less in line with expectations.
Verizon is planning to offer the ad-supported versions of both Netflix and Warner Bros. Discovery’s Max streaming services for about $10 a month combined instead of about $17 as cut-throat competition in streaming services gives way to pragmatic bundling deals that typified the cable era.
Virgin Galactic shares rallied after the space-tourism concern posted quarterly sales ahead of Wall Street estimates, albeit at a minimal level. Shares of Virgin, which once traded above $54, rose by about 18% to about $1.84.
AMC Entertainment shares slid despite reporting strong third-quarter box-office sales.
Write to Rob Curran at [email protected]
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