Dow Sinks, Cable Holds
Average At Lowest Close Since 1997
Mike Farrell -- Multichannel News, 2/23/2009 6:00:52 PM
The Dow Jones Industrial Average continued its downward slide Monday, dipping 250.89 points (3.4%) to 7,114.78 points, its lowest level since May 1997. Cable stocks again appeared to hold their own.
Fears that the recession would worsen sent the index to a new multi-year low - after it dipped to a new bear market nadir last Thursday.
But as during that last decline, cable stocks appeared to weather the storm. Cable operator stocks were all down for the day, but the declines were minimal.
Faring best among the MSOs was Time Warner Cable, down 7 cents (0.4%) to $17.55 per share, followed by Comcast, down 15 cents (1.2%) to $12.69; Cablevision Systems, down 20 cents (1.7%) to $11.92 and Mediacom Communications, down 29 cents (8%) to $3.36 per share. Charter Communications, which said earlier his month it would undergo a restructuring, was down less than one cent (8.1%) to about 3 cents per share.
Satellite TV stocks were also relatively stable, with Dish Network down 22 cents (2%) to $10.94 and DirecTV Group down 67 cents (3.1%) to $20.81 per share.
Programming stocks also had minimal losses - News Corp. fell 29 cents (4.3%) to $6.39 per share; Viacom, down 51 cents (3.1%) to $15.86; and Walt Disney Co., down 56 cents (3.2%) to $16.97 per share. Discovery Communications was one of the few stocks that gained ground on Monday, up 3 cents each (0.2%) to $12.71 per share.
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