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Altice USA Rises 5% in Second Trading Day - Multichannel

Altice USA Rises 5% in Second Trading Day

Stock outperforms rest of sector; closes 14% above IPO price
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Altice USA stock traded strongly on its second day as a public company, rising about 5% to close at $34.30 per share, up $1.59 each.

Altice USA priced its initial public offering Wednesday night at $30 per share. On its first day of trading on the New York Stock Exchange June 22, it rose more than 9% to close at $32.71 per share. On Friday, the stock traded as high as $35.29 each, up 8% or $2.58 each. Since its IPO, Altice USA stock has risen a combined 14% in two days of trading.

Altice USA shares did better than its peers, which have been sluggish since influential media analyst Craig Moffett downgraded the sector on Monday. Comcast closed at $39.50 each (down 1.1%); Charter Communications at $330.80 (down 1%) and Cable One at $712.68 (down 0.5%).

Altice USA is expected to be a major participant in a consolidation wave that some analysts predict could begin next year. Altice has expressed interest in gaining scale through buying other companies and said its IPO was a way to prepare itself for any activity, but added it will focus on internal operations for the time being.

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