Dow Picks Up 189 Points
Cable Stocks Rise in Steady Trading
By Mike Farrell -- Multichannel News, 10/30/2008 11:42:00 AM
Devoid of last minute buy-ins or sell-offs, the Dow Jones Industrial Average rose 189 points on Thursday, and most cable stocks followed suit.
The Dow finished the day at 9,180.60 points and except for a few minutes during mid-day, spent the entire day in positive territory. That was a big departure from previous sessions, characterized by furious trading in the last few minutes of the day.
Cable stocks for the most part followed the market. Of the major MSOs, only Comcast—which reported third quarter earnings on Wednesday morning—was down, but the decline was slight (18 cents or 1.2%) to close at $15.10 per share.
Other MSOs posted bigger gains—Time Warner Cable, which is scheduled to report its third quarter results on Nov. 5, rose 7.1% ($1.29) to $19.57 per share, followed by Cablevision Systems, up $1.11 each (7.1%) to $16.85 per share; Mediacom Communications, up 37 cents (9.7%) to $4.19 per share; and Charter Communications, up one cent (2.5%) to 41 cents each.
Satellite stocks also posted gains—Dish Network closed up 74 cents each (4.7%) and DirecTV Group rose $1.17 each (5.7%) to $21.84 per share. On the programming side, News Corp. rose nearly 12% ($1.08) to $10.18; Viacom gained 7.9% ($1.60) to $21.93 per share; Walt Disney Co. rose 5.7% ($1.36) to $25.33 per share; and CBS was up 8.1% (71 cents) to $9.43 per share.
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