A U.S. court of appeals largely upheld the Trump Administration’s repeal of net neutrality laws on Monday, but it did so with the caveat that states could be allowed to set their own rules, which is a signal that the fight over net neutrality is likely far from over.
The news that states may potentially be able to set their own laws sent some stocks lower during the trading day.
Those movements came amid a broader overall market selloff triggered by a dismal manufacturing reading from September.
Here’s a look at where some of the key net neutrality stocks ended the day:
At the close of the trading session on Tuesday, shares of Netflix were in the green. As a result of the repeal, there were concerns prices at the streaming company would rise as it may have to pay increased costs for faster speeds.
Shares of Internet services company Cable One, which is in favor of the net neutrality law, were trading about 1.5 percent higher.
Disney was down about 0.6 percent. It was perceived as a winner in the net neutrality repeal because it owns so much content after its acquisition of 21st Century Fox’s media empire.
Verizon shares ended the day less than 1 percent lower, as did shares of Comcast. As Internet service providers, it was expected both companies would be garner more power.
It was a similar case for AT&T, which ended the day down slightly more than 1 percent and Charter Communications, shares of which were down more than 1.5 percent.
Cable TV company Altice USA ended the day down about 1.3 percent.
The FCC voted in Dec. 2017 to repeal net neutrality rules.
The Obama-era internet rules were put in place to prevent broadband providers from charging for certain content or better services.
The move to deregulate would no longer require providers to treat all content equally. That could mean companies like AT&T or Comcast could block or manipulate certain content. It could also mean streaming services will require customers to shell out more cash.
The idea behind repealing net neutrality rules is that it will increase competition and potentially offer consumers more choice.
Despite the court’s decision on Tuesday, an FCC official said states do not have “a green light” to pass their own internet rules, as the FCC weighs whether to appeal parts of the decision – according to Reuters.