Cable Down in Dow Slide


The Dow Jones Industrial Average plunged nearly 300 points Tuesday after further potential perils rippled through the European debt market, and cable stocks, with a few exceptions, went along for the slide.
The Dow finished the day at 11,657.96, down 297 points, after reports that Greek Prime Minister George Papandreou called for a voter referendum concerning a planned bailout of that country's debt crisis, threatening to push a default on its sovereign debt. At home, banking stocks took the hardest hits. Media stocks, particularly programmers, also took it on the chin.
MSO stocks were split, with Charter Communications, coming off a strong third quarter, finishing up 2% (91 cents) to $46.85 and Cablevision Systems up 1% (12 cents) to $14.59 each. Time Warner Cable was down 0.01% (9 cents) to $63.63 and Comcast closed at $22.98 each, down 2% (47 cents).
Satellite stocks also reported mild declines - Dish Network was down 1.4% (33 cents) to $23.84 each and DirecTV dipped 1% (47 cents) to $44.99 each.
Programming stocks, which managed to escape much of the bloodshed of recent days, took a bigger hit on Tuesday.
Liberty Capital led the decliners on Tuesday, dropping 4.7% ($3.59) to $73.23, followed by News Corp., down 4.4% (79 cents) to $17.06; Viacom, down 4.3% ($2.28) to $51.56; and the Walt Disney Co.,, down 3.7% ($1.28) to $33.60. Rounding out the sector was Liberty Interactive, down 3.6% (59 cents) to $15.84; Scripps Networks, down 3.5% ($1.48) to $41; Time Warner Inc., down 3.3% ($1.15) to $33.84; Discovery Communications, down 2.7% ($1.19) to $42.27; and Liberty Starz, down 1.4% (94 cents) to $67.36 per share.