Cable Stocks Feel Some Pain
Dow Dips 340 Points
By Mike Farrell -- Multichannel News, 9/4/2008 9:50:00 AM
The Dow Jones Industrial Average dipped more than 340 points (3%) to 11,188.23 on Thursday, amid fears of a slowing global economy. And while the biggest declines were in the financial services and technology sectors, cable stocks did not escape unscathed.
Cablevision Systems, which has been on a tremendous run during the past month (up more than 40%) slid $1.28 per share (down 4.1%) to close at $30.26 each Thursday. Even with the decline Thursday Cablevision shares are up 42.4% ($9.01 per share) since July 30.
Time Warner Inc. shares fell 87 cents each (down 5.3%) to $15.46, followed by Comcast (down 70 cents each to $20.85); Time Warner Cable (down 22 cents to $27.12); Charter Communications (down 3 cents to $1.02); and Mediacom Communications (down 16 cents to $7.91).
Satellite TV service providers were not spared in the declines – Dish Network dipped 57 cents each (2%) to $27.76 each and DirecTV Group fell 75 cents each to $26.79 per share.
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