Cable Posts Modest Losses in Dow Decline - Multichannel

Cable Posts Modest Losses in Dow Decline

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Cable stocks took a modest turn downward on Thursday after the Dow Jones Industrial Average ended a three-day positive run, finishing down 170 points.
The Dow fell on reports of continued weakness in the job market - initial jobless claims rose by 5,000 during the week of Aug. 20 - and in anticipation of Federal Reserve chairman Ben Bernanke's upcoming speech on the economy Friday. The loss came after three days of gains in market.

Cable stocks were down for the most part, but their losses were generally minimal. In the MSO sector, Charter Communications lost $1.11 (2.3%) to $46.49; Comcast shed 34 cents per share (1.7%) to $20.23; Time Warner Cable lost 84 cents each (1.3%) to $62.62; and Cablevision dipped 15 cents (0.9%) to $16.98.

Satellite stocks also showed modest declines with Dish losing 43 cents each (1.9%) to $21.81 and DirecTV shedding 99 cents each (2.3%) to $41.89.
Programmers followed suit with declines ranging from 1% to 3%. Liberty Starz was the big loser in the sector, dropping 3.5% ($2.38) to $65.97, followed by Scripps Networks, down 2.8% ($1.14) to $39.17; Liberty Interactive, down 2.5% (38 cents) to $14.56; Time Warner, down 2.1% (63 cents) to $29.21; News Corp. down 1.8% (30 cents) to $16.71; Disney down 1.5% (50 cents) to $32.01; AMC Networks down 1.4% (46 cents) to $33.26; Discovery Communications, down 1.3% (49 cents) to $38.19; and Viacom down 1.1% (59 cents) to $53.13.
Digital video recorder pioneer TiVo surged 17% ($1.38 each) to $9.50 per share after it released better than expected second quarter results.