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Communications Services Up Amid Deal Activity -- Communications Services Roundup

09/07/2021 | 05:20pm EDT

Communications services companies rose amid deal activity.

Deutsche Telekom struck a deal with Japanese investment firm SoftBank Group that will see the German telecom giant increase its ownership stake in former affiliate T-Mobile US.

Shares of Softbank rallied, recouping some of its hefty losses for the year to date, as the Deutsche Telekom deal eased worries about its investments in riskier sectors.

Shares of AMC Entertainment rallied after the cinema chain Marvel Studios' "Shang-Chi and the Legend of the Ten Rings" had a record debut that drove the highest ever Labor Day weekend attendance figures at AMC Theatres.

The development vindicated day traders' chasing of AMC as a "meme" stock that had symbolized confidence in a "v-shaped" economic recovery, with many of the bets laid during the depths of the pandemic when cinemas were closed or near vacant.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

09-07-21 1719ET

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