Paramount Global stock popped after a media report said that Sony's movie division and investment firm Apollo Global Management have been in talks to make a joint bid for the media company.
The overall sector fell, with the Communication Services Select SPDR Fund ending down 1.1%.
Netflix fell after first-quarter results were strong, but the second-quarter sales outlook didn't meet estimates. Shares have triggered a sell signal by falling below the 50-day moving average in huge volume. Analysts are also debating the merits of the company's plan to stop providing quarterly disclosures on subscriber growth or average revenue per member after the end of this year.
Canadian telecoms are showing signs of better pricing discipline in the run-up to first-quarter results. Pricing convergence is starting to occur among the wireless providers, TD Cowen analyst Vince Valentini said in a report, and Rogers' Fido has now "largely matched the initial moves we saw from Koodo/Virgin two weeks ago."
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
04-19-24 1800ET
