Dow Surges 500 Points
Cable, Programmers Stocks Gain
Mike Farrell -- Multichannel News, 3/23/2009 5:00:25 PM
The stock market surged nearly 500 points Monday after further details on the government-backed bank bailout plan were released and the resulting good cheer translated into strong gains across a broad spectrum of sectors, including cable.
The Dow Jones Industrial Average finished the day at 7,775.86, up 497.5 points, or 6.8% after the Treasury Department detailed plans to create a public-private partnership to purchase $1 trillion of "toxic assets" from the nation's banks, allowing them to lend again.
In the cable sector, every major stock was in the black, led by Mediacom Communications -- which had the highest percentage gain at 25.6% ($1 per share) to close at $4.91 each. Two other MSOs had double-digit percentage gains: Comcast, up 10.7% ($1.36 each) to $14.08 per share and Cablevision, ahead 10.4% ($1.31 each) to $13.91 per share. Time Warner Cable rounded out the sector, rising 6.7% ($1.72 per share) to $27.32 each.
The good news wasn't limited to cable stocks -- satellite TV shares also showed health gains, with Dish Network up 9.4% (97 cents) to $11.32 and DirecTV Group up 7.6% ($1.66) to $23.45 per share.
Programming stocks, which were battered last year, also benefited from the market surge, with News Corp. up 11.5% (79 cents) to $7.68; Viacom rising 9.8% ($1.74) to $19.50; The Walt Disney Co., up 8.4% ($1.47) to $18.92; and Discovery Communications, up 4.6% (73 cents) to $16.60.
Rounding out the programming stocks were Scripps Networks Interactive, up 6.3% ($1.33) to $22.32; World Wrestling Entertainment, rising 9.7% ($1.04) to $11.76; Crown Media Holdings, gaining 11.1% (20 cents) to $2 and Outdoor Channel Holdings, up 9.4% (57 cents) to $6.64 per share.
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