Year's Communications losers lead week's rebound: Roblox, Twilio, Roku gain
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Communications stocks this week pulled a turnaround from a couple of weeks in the doldrums - and after last week, when only a few large-cap stocks in the sector even managed a gain for the week, the situation is now reversed.
Only one big-name Communications stock declined for the past week, with dozens of names rebounding in some broad relief buying.
The Communication Services Select Sector SPDR Fund (XLC) rose 7.3% over the past five sessions, and Communications stocks on the whole rose 7%, among the best-performing sectors on the week. S&P 500 stocks rose 6.6% over the same period.
And the gainers were sharp, and filled with beaten-down names that have suffered mightily this year. Roblox (NYSE:RBLX) rose 47.5% over the past five sessions; year-to-date it's fallen 63.1%. Twilio pulled off the second-best gain over that period among large-caps, up 25.9%; it's down 62.2% YTD.
Long-suffering long investors will recognize the other top names on the week's gainers chart: Roku (ROKU), up 25.7% over five sessions but down 57.6% in 2022; Pinterest (PINS), up 23% over the week's span but down 41% YTD; and recently suffering Snap (SNAP), +20.3% for five sessions but having slid 68.5% in 2022.
As for decliners, only one large-cap name fell over that span, and it was NetEase (NASDAQ:NTES), down just 1.2%, while all other big-company stocks rose in the same span. To even find as many as five decliners, you'd need to plumb mid-caps and small-caps, where Stagwell (STGW) fell 12.7% over five sessions; Cango (CANG) dipped 11.8%; Playstudios (MYPS) slipped 9.2%; World Wrestling Entertainment (WWE) fell 6.6%; and Gray Television (GTN) declined 5.6%.
The top five gainers over the past five sessions among large-cap Communications Services stocks and larger ($10B market cap or more):
- Roblox (RBLX), +47.5%;
- Twilio (NYSE:TWLO), +25.9%;
- Roku (ROKU), +25.7%;
- Pinterest (PINS), +23%;
- Snap (SNAP), +20.3%.
The five worst performers over the past five sessions among large-cap Communications Services stocks and larger ($10B market cap or more):