Cablevision Systems Corp. finally found a way to goose its declining stock
price Friday: It offered to provide investors more clarity regarding its $550
million funding gap in 2003.
In a press release Friday, Cablevision said it would hold an in-person
investor's conference Aug. 8, in conjunction with its regularly scheduled
second-quarter earnings release.
That news -- coupled with news that its first-half subscriber losses were not
nearly as bad as some had expected -- gave Cablevision shares a jolt July 26.
The company's stock was up as much as 20 percent ($1.18 per share) to $7 each
Friday before closing at $6.75, up 93 cents per share.
Cablevision also reiterated its full-year-2002 guidance, projecting that
cash-flow growth at its Cablevision NY Group -- which includes its cable
systems, Madison Square Garden, The Wiz, MetroChannels and its News 12 cable
networks -- will be about 25 percent.
Total telecommunications cash flow should be up about 15 percent in the
period.
