Communications services companies ticked down as a rally in the sector stalled.
The SPDR Select Sector Communications Services exchange-traded fund, which tracks the communications services industry group of the S&P 500, is up about 10% since Oct. 27. Investors have been rattled by Telecom Italia shareholder Vivendi’s opposition to investment firm KKR’s buyout of its wire-line business.
Singapore Telecommunications-owned Optus paid about $23,000 in customer compensation following an hours long Australia-wide network outage, but said there is no precedent suggesting that it should make widespread financial reparations.
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