Concerns over a potential slowdown in global economic growth and declining U.S. consumer confidence thumped the Dow Jones Industrial Average Tuesday, pummeling several industry sectors, including cable.
Investors, concerned about European debt and a drop in U.S. consumer confidence sent the Dow down more than 268 points Tuesday, closing at 9,870.3 points. Consumer confidence dropped to 52.9 in June from 62.7 in May, ending a three-month run of increases in the index.
Most sectors were hit hard as a result and cable was not unscathed.
On the cable side, the biggest declines were in the programming sector, led by a trio of Liberty Media tracking stocks -- Liberty Capital, down 6.3% ($2.82) to $41.85 per share; Liberty Interactive, down 6% (68 cents) to $10.71 each and Liberty Starz, down 3% ($1.63) to $52.35 each. Other big decliners were Discovery Communications, down 5.3% ($1.98) to $35.46; Viacom, down 4.6% ($1.73) to $36.10; Scripps Networks Interactive, down 4.2% ($1.79) to $41.30; News Corp., down 3.7% (54 cents) to $14.11; Time Warner Inc., down 2.9% (88 cents) to $29.63; and The Walt Disney Co., down 2.8% (92 cents) to $32.30 per share.
Satellite service providers also weathered big losses on Tuesday -- Dish Network stock fell $1.28 each (6.5%) to $18.42 per share and DirecTV dipped 4.2% ($1.51) to $34.37 each on Tuesday.
MSOs also felt the pain, but to a lesser extent. Comcast had the biggest percentage loss (2.4%) for the day, dipping 43 cents each to $17.68 per share. The country's largest MSO was followed closely by Time Warner Cable, down 2.2% ($1.20) to $53.65; Mediacom Communications, down 2.3% (16 cents) to $6.87 and Cablevision Systems, down 1.8% (44 cents) to $23.89 per share.