Telecoms Edge Up as Shutdown Fears Spur Defensive Rotation -- Telecoms Roundup
Shares of telecommunications companies ticked up as traders rotated into defensive areas because of the rising risk of a government shutdown.
The telecom sector rose sharply late last year when the Federal Communications Commission rolled back "net neutrality" regulations, but signs that this rollback could be undone leaves the sector vulnerable, said Oliver Pursche, chief investment strategist at broker dealer Bruderman Brothers. Earlier this week, The Wall Street Journal reported that state attorneys general and internet activists filed legal challenges to the FCC's retreat from those regulations.
New Zealand carrier Chorus ticked down after analysts at brokerage UBS warned that its debt level remains a concern.
-Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
January 19, 2018 16:51 ET (21:51 GMT)