Cable Stocks Feel Dow’s Pain
Index Falls Nearly 400 Points
By Mike Farrell -- Multichannel News, 6/6/2008 10:45:00 AM
Shares of the top MSOs were down Friday, hit by an overall market malaise as the Dow Jones Industrial Average plunged nearly 400 points.
While the Dow was hit hard on two fronts—the nation’s unemployment rate jumped to 5.5% in May, its sharpest one-month increase in 22 years and crude oil futures rose more than $11 a barrel—cable stocks weren’t able to escape the pain. The Dow closed at 12,209.81 on June 6, down 394.64 points or 3.13%. It was the biggest drop in the index in more than 15 months.
Time Warner Cable was the biggest loser among the six publicly traded cable operators, dipping more than 4% ($1.25 per share) to $29.05 Friday. Parent Time Warner Inc. dipped 4.6% (74 cents per share) to $15.27 each, followed by Comcast (down 3.4% or 78 cents to $21.94), Mediacom Communications (down 3.2% or 21 cents to $6.31) and Cablevision Systems (down 1.1% or 31 cents each to $26.94). Charter Communications dipped 0.64% (1 cent per share) to $1.44 each.
Programming stocks didn’t fare any better. News Corp. dipped 4.2% (78 cents) to $17.97, Viacom fell 3.8% ($1.34 each) to $34.43 and The Walt Disney Co. was down 4.3% ($1.48 each) to $33.01.
Satellite TV stocks were also hit with DirecTV down 2.8% (79 cents) to $27.70 and Dish Network down 1.5% (53 cents each) to $35.13 per share.
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