Cable Stocks Sustain Small Declines
Dow Drops 189 Points
By Mike Farrell -- Multichannel News, 10/8/2008 3:04:00 PM
A late sell-off sent the Dow Jones Industrial Average down 189 points Wednesday, but cable stocks for the most part managed to end the day with only slight declines.
The Dow fell 189.01 points to 9,258.1, despite an unprecedented effort by six international banks to sharply drop interest rates. But the effort sent the stock market on a roller coaster ride – the index traded in a 433-point range during the day – as investors were apparently more worried about the availability of money, rather than the price of it.
It was the sixth straight day of losses for the Dow.
Cablevision again was the big loser in the cable operator space, dipping 99 cents per share (5.4%) to $17.36, the lowest point for the stock since 2004. The rest of the operators had slight declines, including Time Warner Cable, which dipped 28 cents per share (1.3%) to $21.27 each and Charter Communications, which fell 2 cents each (3.7%) to 52 cents per share.
Rounding out the sector: Comcast, down 16 cents (1%) to $16.99 and Mediacom, down 19 cents per share (4%) to $4.55 per share.
Dish Network, down more than 29% ($6.93 per share) in the two weeks between Sept. 24 and Oct. 7, gained $1.26 each (7.4%) to $18.19 per share on Oct. 8 as investors apparently saw a buying opportunity. DirecTV Group was down 87 cents each (3.8%) to $22.28 per share.
