Shares of telecommunications companies fell, but not by as much as the broad market, as traders took a defensive stance. Telecom equipment companies were weak after internet infrastructure giant Cisco Systems posted quarterly earnings short of some investors' expectations. Time Warner's Turner Sports is launching a streaming service that to air the European Champions League and Europa League soccer matches. Conventional broadcasters are adopting the approach of digital rivals by streaming some content over the internet rather than distributing all their channels through cable companies or other middlemen. Chinese smartphone maker ZTE continued to grow its market share in the U.S., as its affordable devices and aggressive marketing gave it 11.5% of the U.S. market as measured by second-quarter shipments, increasing its share by more than one third. News Corp and Australian telecom company Telstra Corp Ltd. announced plans Thursday to merge their jointly owned pay television company, Foxtel, with Fox Sports Australia, in a move that could set up an eventual initial public offering.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
August 17, 2017 16:44 ET (20:44 GMT)