Communications services companies fell as investors shifted out of "pandemic winners" such as Netflix and Zoom Video Communications into economically cyclical companies in the wake of Georgia Senate elections.
The prospect of Democratic control of the major instruments of power in Washington DC spurred bets that traditional services industries such as retailers and restaurants will receive more government support, while the digital economy could come under fire from antitrust efforts.
Investors may be anticipating a more aggressive vaccine rollout from the Biden administration and its Democratic supporters in Congress.
South Korean device maker LG Electronics acquired a majority stake in Alphonso, a television-advertising technology, data and measurement company, as it seeks to accelerate its efforts to build a streaming-TV ad business.
The New York Stock Exchange will move forward with delisting three Chinese telecommunications companies, China Mobile, China Telecom and China Unicom (Hong Kong) targeted by an executive order from President Trump, reversing course yet again after the NYSE said earlier this week that it wouldn't delist them.
Wyndham Destinations agreed to buy the Travel + Leisure publication from magazine publisher Meredith for $100 million, in a deal that would expand Wyndham's business beyond its core vacation-ownership operations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-06-21 1741ET
