Dow Drop Rattles Cable - Multichannel

Dow Drop Rattles Cable

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Instability in the European debt markets again disrupted Wall Street, sending the Dow Jones Industrial Average down 389 points on Wednesday. Cable stocks, like every other sector, felt the pain.
News that Italian bond yields had soared to new highs rattled the European debt markets and sent the Dow to finish at 11,780.94, down 389.24 points. In the cable sector, no segment escaped the declines, with some stocks falling nearly 7%.
For MSOs, Comcast fell the hardest, dropping 5.1% ($1.15 per share) to $21.61. Other stocks weren't far behind, with Charter dropping 4.2% ($2.22) to $51.23; Time Warner Cable losing 3.7% ($2.31) to $60.09; and Cablevision Systems down 3.9% (59 cents) to $14.62 per share.
Satellite stocks were off well, with DirecTV losing 4.7% ($2.18) to $44.57 and Dish Network down 1.1% (26 cents) to $24.16 per share.
Programming stocks also were hit hard, led by Discovery Communications, which announced its chief operating officer Peter Liguori would step down at the end of the year. Discovery shares dipped 6.8% ($3.06) to $42 each, followed by Scripps Networks, down 5.9% ($2.51) to $40.39; Disney, down 4.3% ($1.50) to $33.79; Time Warner Inc., down 4.4% ($1.54) to $33.74; News Corp, down 4.8% (86 cents) to $16.95.; and Viacom, down 3.9% ($2/02) to $49.28 per share. Rounding out the sector were Liberty Interactive, down 4.5% (74 cents) to $15.56; Liberty Capital, down 5.1% ($3.97) to $74.56; Liberty Starz, down 4.6% ($3.12) to $64.95; and AMC Networks, down 1.4% (45 cents) to $32.53 per share.