Cable Stocks Stay The Course


Wall Street appeared to climb back from the abyss on Tuesday, with the Dow Jones Industrial Average gaining more than 140 points for the day, far from erasing Monday’s 504-point decline, but showing signs of that investor confidence was beginning to pick up.

The Dow finished Tuesday at 11,059.02, up 141.51 points, or about 1.3%. Cable stocks, which escaped Monday’s debacle relatively unscathed, performed similarly on Tuesday. While only one stock showed a gain on Sept, 16 – Cablevision Systems was up 18 cents to $26.29, a day after declining more than 12% ($3.67 each) to $26.11 on Sept. 15 -- the rest of the sector was down slightly. Time Warner Cable closed at $26.70 each (down 7 cents), Comcast dipped 32 cents to $20.54, and Mediacom Communications was down 10 cents each to $7.01 per share. Satellite TV giants DirecTV Group (down 1 cent each to $26.29) and Dish Network (down 39 cents to $26.34 per share) also fared better than the previous day.

Programming stocks also held their own, with a handful of companies – Scripps Networks Interactive, Crown Media Holdings, The Walt Disney Co., Playboy Enterprises, Outdoor Channel and Liberty Interactive – showing gains. SNI rose $1.63 per share (4.1%) to $41.41 each; Crown, parent of the Hallmark Channel, rose 32 cents (7.5%) to $4.59 per share and Disney was up 3 cents each (1%) to $32.51 each. Playboy was up 13 cents (3.3%) to $4.03, Liberty interactive rose 11 cents (1%) to $13.88 and Outdoor rose 26 cents (3.3%) to $8.07 per share.

Those stocks that declined weren’t down much – News Corp. fell 25 cents to $13.56; Viacom was down 92 cents to $25.70; CBS dipped 16 cents to $16; Time Warner Inc. fell 4 cents to $14.08 and Liberty Entertainment was down 36 cents (1.4%) to $25.48 each.