Cable Stocks Inch Upward

As Dow Dips 157 Points, Sector Shows Modest Gains

By Mike Farrell -- Multichannel News, 10/3/2008 11:03:00 AM

Cable stocks began the long climb back on Friday, with most operators showing slight gains as the Dow Jones Industrial Average fell another 157 points.

That dip in the Dow came after Congress approved a revised $700 billion bailout for Wall Street; sending signals that investors may fear the plan won’t work.

Cable stocks, hit hard in the last few days, began to claw back on Friday, with Time Warner Cable gaining 21 cents each to close at $22.46 per share; Comcast adding 7 cents per share to close at $18.42; and Mediacom Communications unchanged at $5.64. Cablevision Systems continued its slide of the past few days, dipping 88 cents each to $21.64, while Charter Communications fell 2 cents each to 66 cents per share.

The satellite TV stocks fared no better. Dish Network finished Friday down 63 cents each to $18.80 and DirecTV Group declined 23 cents to $24.76 per share.

Programming stocks continued to absorb body blows, with News Corp. falling 35 cents each to $11.03 (a 52-week low); Viacom down 76 cents each to $23.37; and CBS down 73 cents to $12.89 per share.

Also losing ground: The Walt Disney Co. (down 42 cents to $29.54); Scripps Networks Interactive (down 28 cents to $35.83); and World Wrestling Entertainment (down 17 cents to $14.99). 

Outdoor Channel and Crown Media Holdings were the only two programmers to gain ground on Friday, with Crown, the parent of Hallmark Channel, up 5 cents to $4.30 per share and Outdoor up 19 cents to $8.89 each.

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