Dow Sheds Another 445 Points
Cable Stocks Feel the Pain
By Mike Farrell -- Multichannel News, 11/20/2008 10:45:00 AM
Cable stocks continued to slide Thursday as the Dow Jones Industrial Average sunk another 445 points amid yet another day of disappointing news from the financial sector.
The Dow finished the day at 7,552.29, down 445 points for the day and 700 points since Monday.
Cable stocks, pummeled in the past few days, continued to be battered. Time Warner cable fell 7.4% ($1.33 pr share) to $16.66 each; Comcast was down 3.4% (47 cents) to $13.33; Charter Communications dipped 4.4% (one cent) to 22 cents per share; Cablevision Systems dipped 5.5% (68 cents) to $11.60 each and Mediacom Communications dropped 18.2% (49 cents) to $2.21 each.
Satellite stocks were hit equally hard—Dish Network was down 13% ($1.25 each) to $8.37 per share and DirecTV Group dipped 4.6% (88 cents) to $18.09 each.
On the programming side, Viacom plunged 12.9% ($1.93 each) to $13.09 and News Corp. dipped 9.8% (64 cents) to $5.91 per share.
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