Cable Stocks Slaughtered Again6/27/2002 9:44 AM Eastern
Cable stocks took a pounding for the second straight day in the wake of the
WorldCom Inc. and Adelphia Communications Corp. accounting scandals, with
Cablevision Systems Corp. and Insight Communications Co. Inc. taking the
Cablevision stock plunged 17.4 percent Thursday, or $1.65 per share, closing
at $7.85 each. It was the second double-digit percentage loss for the stock in
as many days. On Wednesday, Cablevision shares dropped more than 26 percent.
Insight fell 14.6 percent Thursday, or $1.71 per share, to close at $10.02.
On Wednesday, Insight dropped $1.87 per share, or 13.7 percent.
Other big losers for the day included Mediacom Communications Corp., down
11.9 percent ($1.01 each) to $7.45 per share; and Charter Communications Inc.,
down 7.7 percent (27 cents) to $3.22.
While it was another bad day for cable stocks, it could have been much worse.
A late rally lifted some cable issues from their 52-week lows, including Comcast
Corp., which lost as much as $1.90 per share Thursday only to close at $22.33,
down just 39 cents.
AOL Time Warner Inc. also saw a late market surge after dropping 88 cents
each, finishing the day at $13.62, off just a penny.
Cox Communications Inc., which dropped as low as $24.50 each on the day --
down $2.40, or 9 percent -- finished at $26.60, down 30 cents.
AT&T Corp. was the lone gainer in the sector, closing at $9.76 per share,
up 14 cents, but only after rallying from a low of $9.09.