Cablevision’s shares spike upwards after analyst’s report
Cablevision’s shares increased 8 percent yesterday on the heels of an analyst’s forecast that the company will add more subscribers in the fourth quarter, according to Reuters.
Pali Research analyst Richard Greenfield expects Cablevision to add 500 basic subscribers in the fourth quarter after previously predicting the company would lose 7,000. Greenfield said in a note to investors that Cablevision’s increase in basic subscribers was noteworthy since other cable operators, such as Time Warner Cable and Comcast, have seen a recent decline in basic subscribers.
Greenfield also said the competitive challenge posed by Verizon in Cablevision’s New York metropolitan area footprint may have been overstated.
Cablevision’s shares increased $1.83 to close at $23.53 yesterday; by late morning trading the company’s shares had risen to $23.86.
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