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Cable Stocks Take a Beating as Market Dips; Satellite and Programmers Also Hit

Dec 9, 2011  •  Post A Comment

Cable stocks were among the casualties as the stock market reacted Thursday to uncertainty surrounding the European debt crisis, Multichannel News reports.

The Dow Jones Industrial Average dropped 198 points on the day, with the impact felt in virtually all market segments.

The story reports: “Cablevision Systems led decliners among MSOs, falling 6.1% (91 cents) to $14.04 per share, followed by Charter Communications, down 3.3% ($1.77) to $51.17; Comcast, down 2.9% (66 cents) to $22.47; and Time Warner Cable, down 2.5% ($1.57) to $61 per share.”

The impact extended to satellite stocks as well: DirecTV was down 4.7% ($2.26) to $45.43; with Dish Network off 4.2% ($1.12) to $25.34, the story reports.

Multichannel News adds: “Programmers also were hit hard, with Liberty Media falling 4.3% ($3.36) to $74.13; Walt Disney Co. down 3.2% ($1.18) to $35.92; and News Corp. down 2.9% (52 cents) to $17.61. Rounding out the sector were Viacom, down 2.5% ($1.26) to $49; Time Warner Inc., down 2.7% (95 cents) to $33.93; Liberty Interactive, down 2.4% (38 cents) to $15.66; Discovery Communications, down 1.8% (74 cents) to $41.05; Scripps Networks, down 1.3% (56 cents) to $41.37 and AMC Networks down 1% (36 cents) to $35.70 per share.”

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