Cable Gets Clobbered As Dow Drops 303 Points - Multichannel

Cable Gets Clobbered As Dow Drops 303 Points

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Cable stocks took it on the chin Friday, as the Down Jones Industrial Average sank more than 300 points.
The Dow fell 303 points Friday to 10,992 on concerns about President Obama's jobs package and renewed fears around the European debt markets. It was the fifth decline for the index in the last six trading sessions. All 30 Dow components reported declines on Friday.
In the cable sector, Charter Communications was the big percentage loser, sinking 4.5% ($2.18 each) to $46.71; followed by Cablevision Systems, down 4.1% (68 cents) to $15.99; Time Warner Cable down 3.7% ($2.33) to $60.85; and Comcast, down 2.4% (51 cents) to $20.91.
Satellite TV providers fared a little better, with Dish Network down 2.8% (69 cents) to $24.42 and DirecTV dipping 1.8% (76 cents) to $41.43 each.
On the programming side, Liberty Starz repored a 1% gain (46 cents) to $68.06 each. The rest of the sector reported moderate losses, led by Time Warner Inc., down 3.2% (95 cents) to $28.89 each and Discovery Communications, down 3% ($1.17) to $38.31. Rounding out the sector was Walt Disney Co., down 2.9% (91 cents) to $31.04, Viacom, down 2.6% ($1.46) to $54.45; Liberty Capital, down 2.3% ($1.55) to $66.61; News Corp., off 1.6% (26 cents) to $16.26; Liberty Interactive down 1.3% (21 cents) to $15.59 AMC Networks, down 1.3% (43 cents) to $32.98; and Scripps Networks, down 1.2% (51 cents) to $40.53 each.

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