Dow Dips 315 Points
Cable Stocks Share the Pain
By Mike Farrell -- Multichannel News, 2/29/2008 8:17:00 AM
The Dow Jones Industrial Average plunged 315 points Friday, and to an extent dragged the cable sector along with it.
The Dow, which has been on a rollercoaster ride since the beginning of the year, was shaken again on Friday after a disappointing earnings report from insurance giant AIG fueled fears of a widening credit crunch and sent the index down 315.76 points to 12,266.39. Cable stocks, which were up earlier in the week after an encouraging fourth- quarter performance by Cablevision Systems, couldn’t withstand the downward momentum of the index.
Four of the five publicly traded cable operators lost ground on Friday, with Cablevision leading the way with a $1.14 per share decline (4.1%) to $26.76 per share, erasing the gains of the past week. Time Warner Cable dipped 71 cents each to $21.78, followed by Comcast (down 58 cents each to $19.54), Time Warner Inc. (down 37 cents per share to $15.65) and Charter Communications (unchanged at $1 each). Mediacom Communications was the only cable operator stock to show a gain – 28 cents each to $4.38 per share.
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