Cable Stocks Move Higher in Choppy Trading
Dow Gains 2% Despite More Unpleasant Economic News
By Larry Barrett -- Multichannel News, 12/3/2008 10:02:00 AM MT
Cable stocks managed to squeeze out decent gains Wednesday in yet another day of erratic trading as the Dow Jones Industrial Average closed up 172.60 points, or 2%, to close at 8,951.69.
In the past two days, the Dow has recouped almost half of the losses it endured in Monday’s bloodbath.
Surprisingly, most of the major sectors managed to shrug off new economic data from the Labor Department showing that U.S. productivity only grew at an annual rate of 1.3% in the third quarter—down from 3.6% in the second quarter but still a tad better than the 1.1% figure initially reported last month.
Comcast shares picked up 6 cents to $16.06 while Cablevision Systems rose 53 cents to $13.90 and Time Warner Cable closed up 35 cents to $20.80 a share.
Dish Network inched up 17 cents to $10.77 and DirecTV rallied up 99 cents, or 5%, to finish at 21.38.
Among programmers, News Corp. gained 36 cents to $8.37; The Walt Disney Co. added 48 cents to close at $21.94; Viacom trimmed 20 cents to $16.01 and Discovery Communications closed up 40 cents, or 3%, to $13.50.
Dow Surges 257 Points
07/15/2009Dow Sinks, Cable Holds
02/23/2009Cable Stocks Feel Dow’s Pain
06/06/2008Cable Stocks Ride Dow Rally
03/12/2009Cable Stocks Inch Upward
10/03/2008
