Cable stocks were pounded Tuesday, caught up in an overall market sell-off
and lingering investor concerns about the sector.
The Dow Jones Industrial Average sank 355.45 points, or 4.47 percent,
Tuesday, spurred by a new report from the Institute for Supply Management that
showed that weakness in the manufacturing sector was worse than expected.
The NASDAQ exchange fell 51.01 points, or 4.2 percent, to 1,263.84.
In the cable sector, five of the eight publicly traded MSOs dropped more than
$1 each Tuesday, with Comcast Corp. leading the pack, down $2.28, or 9.6
percent, to $21.55 per share.
Other big losers included Cox Communications Inc. (down $1.75 to $24.10),
Insight Communications Co. Inc. (down $1.07 to $8.92), AT&T Corp. (down
$1.02 to $11.20) and Cablevision Systems Corp. (down $1.01 to $8.52).
Rounding out the rest of the MSOs were AOL Time Warner Inc. (down 56 cents to
$12.09), Mediacom Communications Corp. (down 20 cents to $5.70) and Charter
Communications Inc. (down 18 cents to $2.98).