Cable Follows Dow's Big Gain
Index Surges 380 Points, As Cable Stocks Rise In Turn
Mike Farrell -- Multichannel News, 3/10/2009 5:04:17 PM
After a mediocre Monday, The Dow Jones Industrial Average surged by more than 300 points Tuesday, and cable stocks rode the wave.
The Dow, which fell 78.69 points on Monday, rose 379.4 points Tuesday to 6,926.49, fueled by signs that the banking industry is inching toward recovery -- Citigroup said it was profitable in January and February -- and indications that the Securities and Exchange Commission would reinstate a ruling that would prohibit investors from betting on stocks that were already falling. Some believe that the ruling, which was scrapped in 2007, could further stabilize the market.
On the cable front, every stock was up, led by Cablevision Systems, which surged 16.2% ($1.53 per share) to $11 each, and followed by Mediacom Communications, up 13% (39 cents) to $3.40 per share. Rounding out the sector: Comcast, up 8.8% (99 cents) to $12.21; Time Warner Cable, up 9.3% (63 cents) to $7.42 per share; and Charter Communications, stable at 2 cents each.
Virtually every media sector benefited from the gain -- according to The Wall Street Journal, nine of every 10 stocks rose on Tuesday. In the satellite TV sector, Dish Network rose 5.4% (50 cents each) to $9.74, while DirecTV advanced 5.2% (99 cents each) to $20 per share.
The programming sector was no different, with News Corp. up 9.7% (55 cents) to $6.20 per share and Viacom rising 9.1% ($1.33 per share) to $15.95 each.
Other gainers included Walt Disney Co., up 6.5% ($1.02 each) to $16.61 per share; Scripps Networks Interactive increased 6.6% ($1.24) to $19.86; Outdoor Channel rose 4.4% (24 cents) to $5.74; World Wrestling Entertainment ahead 9.7% (90 cents) to $10.21 per share; and Crown Media Holdings improved 28.9% (37 cents) to $1.65 per share.
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