Shares of telecommunications companies rose, but not as much as the broad market, as traders rotated into more economically sensitive niches. Hungary's leader on Friday temporarily dropped a controversial plan to tax Internet traffic, a rare decision to retreat that came after pressure from mass protests and corporate opposition. French carrier Altice may make a bid on PT Portugal, as competition heats up for the Portuguese unit, The Wall Street Journal reported.

-Rob Curran, rob.curran@dowjones.com