The market’s worst week in months resulted in Communications stocks taking yet another 2022 bath, with only a few big names ending up in positive ground.
The S&P 500 slumped 4.8% for the week, turning down again after a week-ago rebound, and Communication Services was among the worst sector performers, declining 6.4% as a group. The Communication Services Select Sector SPDR Fund (XLC), weighted more toward the sector’s bigger names, dropped 6.3%.
The week’s worst of the big-cap Communications names found a new trench. Meta Platforms (NASDAQ:META) slipped 13.5% for the period, sending it to its lowest point since January 2019. The stock closed lower each day of the week to mark five straight losing sessions; it took a particular hit on Tuesday (-9.4%) as it and fellow big-tech stocks sank amid a hot inflation report.
Roblox (NYSE:RBLX) fell nearly as much, down by 13.2% for the week, with a metrics report where investors seemed to overlook growth drivers in favor of some disappointing August bookings.
Match Group (MTCH) slipped 11.1% for the week, also taking the brunt on Tuesday’s inflation report, though a Wednesday downgrade at Loop Capital didn’t help.
Turning to gainers, Netflix (NASDAQ:NFLX) topped all large-caps with a modest 2.8% increase for the week; it rebounded from the inflation session strong alongside an upgrade to Outperform at Evercore.
And just behind it was Twilio (NYSE:TWLO), which mustered a 2.4% gain for the week in reaction to a hefty restructuring plan where the company will cut 11% of its workforce in a shift of focus toward profitability.
The only three gainers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):
- Netflix (NFLX), +2.8%;
- Twilio (TWLO), +2.4%;
- Rogers Communications (RCI), +1.3%.
The five worst performers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more):
- Meta Platforms (META), -13.5%;
- Roblox (RBLX), -13.2%;
- Match Group (MTCH), -11.1%;
- Endeavor Group (EDR), -11%;
- Snap (SNAP), -10.7%.