Cable stocks went on a wild ride with the rest of the market Tuesday, as the Dow Jones Industrial Average dipped nearly 300 points, before regaining much of that loss later in the in the day.
Cable shares rode a roller coaster with the rest of the market - the Dow Jones Industrial Average was down as much as 298 points earlier Tuesday before closing at 10,043.75, down just 22.8 points - as investors were spooked by the growing European fiscal crisis and news of increased tensions between North and South Korea.
But those fears apparently eased as the day wore on. And what started out as a potentially dismal day for entertainment stocks - Time Warner Cable, Discovery Communications, the Walt Disney Co., Time Warner Inc., Scripps Networks Interactive and Viacom were all down more than $1 per share each at one point - turned into a boon as most of the stocks regained that ground and then some.
The reversal of fortune was led by Time Warner Cable, which turned a $1.36 per share decline earlier in the day into a $1.43 per share (2.8%) gain, closing at $52.09 each. Also on the big plus side, Cablevision Systems finished the day at $23.90, up $1.05 each (4.6%) after sliding 56 cents (2.5%) earlier in the day and Comcast, down 47 cents each (2.8%) in early trading, rebounded to close at $17.67 per share, up 90 cents each or 5.4%.
At Discovery, a drop of $1.53 per share (4.2%) earlier in the day, became a modest 7 cents per share (0.2%) gain to $36.46; and Scripps Networks, down 3.3% ($1.46 each) earlier, ended the day at $44.07, up 35 cents each, or 1%.
Others managed to soften their declines. Disney, down as much as 3.9% ($1.27 each) during the day, finished at $32.32, a decline of just 16 cents, or 0.5%; News Corp., down about 50 cents each during the day, finished at $14.89, down 18 cents (1.2%). Rounding out the sector, Viacom, down $1.16 each (3.2%) in early trading, closed up 6 cents per share (0.2%) to $35.84 per share; and Time Warner Inc., down 4.4% ($1.31 each) in earlier trading, finished up 2 cents each (0.1%) to $29.79 per share.