Time Warner Inc. stock rose more than 4% Wednesday on a favorable analyst report, on a day when the Dow Jones Industrial Average plunged 250 points.
According to reports, the stock got a boost after Macquarie analyst Tim Nollen said he preferred Time Warner to other media players like Disney or CBS. Earlier, Pacific Crest media analyst Andy Hargreaves named Time Warner one of his top media sector stocks for 2016.
Time Warner shares closed at $68.62 each on Wednesday, up 4.7% ($3.10 each).
The market endured another volatile day of trading in the aftermath of poor manufacturing data from China. The 250-point decline builds on Monday’s losses of 276 points after China released manufacturing growth figures that were below estimates.
Cable stocks in general weathered Wednesday’s market storm as they did during Monday’s overall declines – with minimal losses and some gains.
Netflix was the top performer for the day, up 9.3% ($10.02 each) to $117.68, after CEO Reed Hastings announced at the CES Show in Las Vegas that the SVOD service increased its global footprint, adding 130 countries including Vietnam, India, Poland and Russia. Other gainers in the sector included AMC Networks, up 1% (74 cents) to $75.43, on the heels of its recent carriage renewal with the NCTC; and Cable One, up 1% ($4.26) to $434 per share. Scripps Networks Interactive was down 2.8% ($1.50) to $51.90 per share, Comcast dipped 0.77% (43 cents) to $55.22 and Time Warner Cable slid 0.58% ($1.06) to $181.87 per share