Dow Falls 1,000 Points


Cable stocks felt the heat in the stock market meltdown Thursday, with some dropping as much as 10% during a day marred by technical glitches and concerns over Greek debt.
The Dow Jones Industrial Average plunged as much 998.5 points at lowest point - the biggest intraday drop in the index's history - on Thursday, spurred by fears that debt problems in Greece could halt the global economic recovery. Adding to the confusion was a technical glitch that according to some reports was caused by a trader who mistyped a large stock sale order. The market rallied late in the day and the Dow closed at 10,520.32, down 347.8 points.
Just about every sector was affected by the declines, including cable operators who had been riding a wave of optimism after a flurry of favorable first quarter earnings reports.
Mediacom Communications had the largest percentage drop, falling 10.3% (68 cents per share) on Thursday to close at $5.91 each. Time Warner Cable, which reached a new 52-week high last week, lost about 8% ($4.39) to close at $50.60 per share. Rounding out the sector was Cablevision Systems (down 7.1% or $1.90) to $24.91 each; Comcast (down 6.2% or $1.23) to $18.51 per share.
Programmers weren't hit as hard, but didn't escape the day unscathed. News Corp. led the percentage decliners, falling 4.6% (78 cents) to $16.21 per share, followed by The Walt Disney Co. (down 2.8%, or $1.33) to $34.01; Viacom (down 3.5%, or $1.33) to $36.34; Discovery Communications, down 3.4% ($1.27) to $36.32 per share; and Scripps Networks Interactive, down 1.7% (75 cents) to $44.80 each.
Satellite stocks fared a bit better, with DirecTV, which reported strong first quarter earnings Thursday, down 1% (28 cents per share) to $34.94 each. Dish Network had a slightly bigger decline (2.8% or 68 cents each) to close at $21.20 per share.