Dow Erases Election Day Lift11/05/2008 9:48 AM Eastern
The stock market gave back its Election Day gains and then some on Wednesday, dipping nearly 490 points as investors again focused on the worsening economy.
The past two days of optimism surrounding the historic presidential election—the market was up more than 300 points on Tuesday, a 3.3% gain, its biggest presidential Election Day rise ever—reversed course on Wednesday with the Dow Jones Industrial Average finishing the day at 9,139.27 points.
Stocks were down across the board—all 30 components of the Dow showed declines—and cable stocks were no different.
Leading the decliners in the cable sector was Cablevision Systems, down $1.35 per share (7.45) to $16.93 each and followed by Comcast, down 87 cents each (4.9%) to $16.90 per share. Rounding out the sector was Charter Communications, down 7 cents (14%) to 43 cents per share; Time Warner Cable, down 66 cents (3.2%) to $19.90 each and Mediacom Communications, down 45 cents (10%) to $4.05 per share.
Satellite TV stocks were equally battered, with DirecTV Group dropping $1.69 each (7.5%) to $20.80 per share and Dish Network falling 52 cents each (3.2%) to $15.76 per share.
Programmers also felt the pain. News Corp. dropped $1.06 each (9.7%) to $9.93 per share; Time Warner Inc., fell 68 cents per share (6.3%) to $10.15 each; Viacom dipped $1.74 each (7.7%) to $20.91; and Disney fell $1.79 each (6.9%) to $24.23 per share.