Dow Decline Hits Cable Stocks


Cable stocks were pummeled along with the rest of the market Tuesday, as the Dow Jones Industrial Average sank 265 points as fears that the economy could worsen gripped investors.
The Dow closed at 11,866.62, on Aug. 2, down 265.87 points (2.2%) for its eighth straight loss, according to the Wall Street Journal.
Cable stocks felt the pain along with the rest of the market, with MSO stocks falling more than 4% for the day and some programmers posting declines of more than 7%.
Comcast had the biggest percentage decline among MSO stocks, dropping 4.7% ($1.12 per share) to close at $22.73 each, followed closely by Charter Communications (down 4.3% or $2.29 per share to $50.99), Time Warner Cable (down 4.2% or $3.07 each to $69.86) and Cablevision Systems (down 4.2% or $1.01 each to $23.03). On the satellite side Dish Network fell 4.4% ($1.31 each) to $28.57 per share and DirecTV dipped 2.8% ($1.41 each) to $49.04.
Programming stocks were pounded the hardest, with Liberty Interactive taking the biggest hit (7.3% or $1.18 per share) to close at $15.09 each. Rounding out the sector was Scripps Networks Interactive (down 5.7% or $2.65 to $43.62); Viacom (down 4.9% or $2.68 each to $51.71); News Corp. (down 4.4% of 73 cents each to $15.86); Walt Disney Co, (down 3.8% or $1.47 each to $36.97); Time Warner Inc. (down 3.1% or $1.08 each to $34) and Discovery Communications (down 2.8% or $1.08 to $38.14).