Cable Stocks Stay The Course
Dow Gains 141 Points
By Mike Farrell -- Multichannel News, 9/16/2008 11:50:00 AM
Wall Street appeared to climb back from the abyss on Tuesday, with the Dow Jones Industrial Average gaining more than 140 points for the day, far from erasing Monday’s 504-point decline, but showing signs of that investor confidence was beginning to pick up.
The Dow finished Tuesday at 11,059.02, up 141.51 points, or about 1.3%. Cable stocks, which escaped Monday’s debacle relatively unscathed, performed similarly on Tuesday. While only one stock showed a gain on Sept, 16 – Cablevision Systems was up 18 cents to $26.29, a day after declining more than 12% ($3.67 each) to $26.11 on Sept. 15 -- the rest of the sector was down slightly. Time Warner Cable closed at $26.70 each (down 7 cents), Comcast dipped 32 cents to $20.54, and Mediacom Communications was down 10 cents each to $7.01 per share. Satellite TV giants DirecTV Group (down 1 cent each to $26.29) and Dish Network (down 39 cents to $26.34 per share) also fared better than the previous day.
Programming stocks also held their own, with a handful of companies – Scripps Networks Interactive, Crown Media Holdings, The Walt Disney Co., Playboy Enterprises, Outdoor Channel and Liberty Interactive – showing gains. SNI rose $1.63 per share (4.1%) to $41.41 each; Crown, parent of the Hallmark Channel, rose 32 cents (7.5%) to $4.59 per share and Disney was up 3 cents each (1%) to $32.51 each. Playboy was up 13 cents (3.3%) to $4.03, Liberty interactive rose 11 cents (1%) to $13.88 and Outdoor rose 26 cents (3.3%) to $8.07 per share.
Those stocks that declined weren’t down much – News Corp. fell 25 cents to $13.56; Viacom was down 92 cents to $25.70; CBS dipped 16 cents to $16; Time Warner Inc. fell 4 cents to $14.08 and Liberty Entertainment was down 36 cents (1.4%) to $25.48 each.
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