Cable stocks went on a roller-coaster ride Tuesday, with Comcast Corp.
leading the losers, falling nearly 7 percent, or $1.61 per share, to close at
Comcast stock, like other cable issues Tuesday, bounced all over the big
board, rising as high as $24.34 (up 43 cents) and dropping as low as $22 (down
$1.91) during the day.
At the end of the day, most cable stocks finished down -- five of the eight
publicly traded MSO showed losses -- but not after giving more than a few
investors heart palpitations.
For example, Mediacom Communications Corp. closed at $5.30 per share Tuesday
-- unchanged, but not before falling as low as $4.80.
Other cable stocks that lost ground included AOL Time Warner Inc. ($12.61,
down 46 cents), AT&T Corp. ($10.19, down 36 cents), Cox Communications Inc.
($27.23, down 72 cents) and Cablevision Systems Corp. ($9.30, down 15
The biggest gainer was Insight Communications Co. Inc., which closed at
$11.98 per share, up 85 cents. But during the day, Insight had ranged between
$12.30 and $10.65.
Charter Communications Inc. was the only stock that rose consistently
Tuesday, closing at $3.55, up 22 cents.
For Insight, it was the second day of gains after preannouncing its
second-quarter results, estimating that revenue would rise 10 percent in the
quarter and cash flow would grow 15 percent.
Most analysts had no explanation for the drop in cable stocks aside from the
wild ride that the market has taken the past couple of days.
The Dow Jones Industrial Average lost 166 points Tuesday, closing at 8,473.
On Monday, the Dow fell 400 points in early market trading, but it closed down
just 45 points after a late-day surge.