Dow Jones Up 235 Points
Cable Stocks Gain as Overall Market Rallies
by Mike Farrell -- Multichannel News, 5/18/2009 5:09:37 PM
The Dow Jones Industrial Average, fueled by gains in the retail sector and renewed optimism in the housing market, surged 235.44 points Monday, its largest single-day gain in more than one month and cable stocks rode the wave.
The Dow finished Monday at 8,504.08
on the heels of a strong earnings report from retailer Lowe's and increased optimism
in the home building market, which fueled some hopes that an economic recovery
was on the way.
Cable stocks took full advantage of the renewed optimism, with Mediacom Communications leading the percentage gainers among MSOs, rising 8.7% (46 cents each) to $5.74 per share. Mediacom was followed closely by Cablevision Systems, up 7.6% ($1.38 each) to $19.65 per share; Time Warner Cable, up 4.2% ($1.29 each) to $32.30 per share; and Comcast, up 5.1% (74 cents each) to $15.16 per share.
Satellite stocks also showed strong growth, with Dish Network rising 10.4% ($1.63 each) to close at $17.34 per share. DirecTV Group rose 2.7% (65 cents each) to $254.88 per share.
On the programming side, Time Warner Inc. led the percentage gainers with a 5.8% boost ($1.36 each) to $24.88 per share, followed closely by News Corp., gaining 5.7% (57 cents each) to $10.53 per share. Rounding out the sector was Viacom, up $1.02 each (4.7%) to $22.67 per share; Discovery Communications, up 77 cents each (4%); Scripps Networks Interactive, up 96 cents (3.5%) to $28.43 per share; and The Walt Disney Co., up 80 cents each (3.4%) to $24.21 per share.
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