Technology companies take stocks lower despite media rally

U.S. stocks are mostly lower Monday as Facebook and other technology companies open the week with losses. Media companies are rising following a report that Charter Communications might be bought by a Japanese technology company, and cable network companies Scripps Networks and Discovery Communications agreed to combine. High-dividend companies are down and banks and industrial companies are trading higher.

KEEPING SCORE: The Standard & Poor’s 500 index was unchanged at 2,472 as of 11:55 a.m. Eastern time. The Dow Jones industrial average continued to build on its record highs as it gained 80 points, or 0.4 percent, to 21,910. The Nasdaq composite lost 17 points, or 0.3 percent, to 6,357. The Russell 2000 index of smaller-company stocks sagged 6 points, or 0.4 percent, to 1,423.

WHAT’S ON? TV: Charter Communications climbed after Bloomberg reported that Japanese conglomerate SoftBank is considering buying the cable TV provider. The report Sunday said that SoftBank initially wanted to combine Charter with Sprint, but after Charter rejected that idea, the technology company may buy Charter outright. Shares of the cable company jumped $18.961, or 5.1 percent, to $389.17, and investors value Charter at about $100 billion. A little more than a year ago it bought Time Warner Cable and Bright House Networks for $67 billion.

Scripps Networks Interactive rose further after it agreed to be bought by rival cable channel company Discovery Communications for close to $12 billion. Scripps picked up 54 cents to $87.45 and it’s up 30 percent in two weeks on reports the companies would combine. Discovery Networks took the largest loss on the S&P 500 index as it fell $2.05, or 7.6 percent, to $24.75.

Elsewhere, Comcast added 55 cents, or 1.4 percent, to $40.08.

TECH TROUBLE: Technology companies, including some of the most valuable companies on the market, struggled. Facebook lost $2.05, or 1.2 percent, to $170.40. The social media network leaped 8.6 percent last week following a strong second-quarter report. Alphabet, Google’s parent company, shed $10.76, or 1.1 percent, to $947.57 and cloud computing company Citrix Systems gave up 95 cents, or 1.2 percent, to $78.76.

BANK ON IT: Financial companies did better than the rest of the market. Investment management company Invesco gained 62 cents, or 1.8 percent, to $34.98. London-based bank HSBC said higher interest rates helped it make more money for its lending business, and it plans to buy back another $2…

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