Dow Sheds Another 280 Points In Heavy Trading
Cable Stocks Dragged Along On The Bumpy Ride
Mike Farrell -- Multichannel News, 3/5/2009 4:41:48 PM
The Dow Jones Industrial Average plunged nearly 300 points Thursday, hitting a new bear-market low and dragging cable stocks down for the ride.
The Dow, which plunged 299 points on Monday only to win back about half of that deficit the following day, erased that gain Thursday by falling 281.4 points to 6,594.44. Financial sector fears gripped the market once again and sent banking stocks to all-time lows - Citigroup fell below $1 per share, before gaining back some ground to close at $1.02 each. The stock had traded as high as $55 per share in 2007.
In the cable sector, the news wasn't quite as bad, but most stocks were down for the day.
On the operator side, Mediacom Communications headed the decliners, falling 15.5% (60 cents per share) to $3.27 each, followed closely by Cablevision Systems, which was down 11.5% ($1.33 per share) to $10.27 each. Comcast fell 5.8% (74 cents) to $12; and Time Warner Cable dipped 2.9% (55 cents) to $18.16 per share. Charter Communications, which expects to file for Chapter 11 bankruptcy protection by April 1, remained relatively stable at 2 cents per share.
For the rest of the stocks, it was mostly a down day.
Dish Network declined 5.4% (52 cents each) to $9.07, while DirecTV Group lost 3.5% (71 cents) to $19.84 per share.
On the programming side, Crown Media Holdings, which released fourth-quarter earnings Wednesday, was the lone gainer, rising one cent each (0.6%) to $1.72 per share.
The rest of the sector showed declines, led by The Walt Disney Co., off 5.7% (97 cents) to $15.97 each and followed by Viacom, a 5.5% drop (86 cents) to $14.93; Scripps Networks Interactive, a 5.2% decrease of $1.01 each to $18.44 per share; News Corp, minus 5.1% (33 cents) to $6.09 each; and Liberty Entertainment, a 4.2% slip of 75 cents to $16.97 per share.
Dow Jones Up 235 Points
05/17/2009Dow Surges 257 Points
07/15/2009Dow Stays Flat; Cable Rises
11/03/2008Dow Slides 332 Points
01/19/2009Dow Plunges 200 Points
10/27/2008
