Cable Stocks Swoon


Cable stocks took a nosedive on Friday - with one notable exception - as a disappointing jobs report sent the Dow Jones Industrial Average into a 323-point swoon.
While the U.S. Dept of Labor Statistics reported Friday that 431,000 jobs were added to the economy in May, nearly all were the result of census hiring. The private sector added just 41,000 jobs during the month, which sent the Dow below 10,000 points for the first time in about a week. The index finished the day at 9,931.97, down 323.31 points.
Cable stocks also felt the pain - with one notable exception, Mediacom Communications. Mediacom was the only publicly traded MSO to end the day even - its stock closed at $6.28 per share on Friday, unchanged. That performance was likely due in part, and somewhat ironically, to chairman and CEO Rocco Commisso plan to take the company private, announced Monday.
Other cable stocks weren't as lucky.
On the MSO front, Time Warner Cable fell $2.11 per share (3.8%) to $53.87; Comcast dropped 3.3% (61 cents) to $17.79; and Cablevision Systems was down 2.6% (64 cents) to $24.80.
Satellite giants DirecTV and Dish Network, which recently announced their own "HD for Life" promotions were equally pounded in the market debacle. DirecTV finished the day down 4.5% ($1.78) to $37.90 and Dish fell 4.8% ($1.02) to $20.35 each.
Programmers also took a bath during the overall market decline. Liberty Media's trio of tracking stocks - Liberty Capital, Liberty Interactive and Liberty Starz, were hit hardest, plunging 5.9% ($2.56 per share), 4.8% (65 cents) and 3.1% ($1.64) for the day. They were closely followed by Discovery Communications (down 5% or $1.93 per share); Scripps Networks Interactive (3.9% or $1.83); Viacom (2.9%, $1.08); News Corp (4%, 61 cents); Time Warner Inc. (2.7%, 84 cents); The Walt Disney Co. (2.9%, $1.02); Outdoor Channel Holdings (4.9%, 28 cents); Crown Media (4.4%, 8 cents).