Cable stocks follow market on rough ride
Stock prices fluctuated wildly in morning trading today, and while most sellers were still in heavy sell mode, some jumped at the chance to buy stocks that had dropped after a week of losses.
The Dow Jones Industrials was down nearly 700 points shortly after opening for trading today, but then it bounced back more than 100 points before taking another dive this morning. All told, the Dow has dropped 21 percent in 10 trading days due to frozen credit markets and a lack of worldwide consumer confidence in financial systems.
The top-five publicly traded cable companies continued to sail along the choppy market waters. Comcast closed at $16.31 per share yesterday, but was trading at $15.44, for a decline of 5.33 percent, just before noon today. Comcast’s range at the midday point was $14.65 to $16.25. The nation’s largest cable operator has a 52-week range of $16.08 to $24.35.
Cablevision closed at $16.88 yesterday and opened at $15.75, but it was trading at $15.63 just before noon for a decline of 7.41 percent. Cablevision’s range for morning trading was $15.20-$16.88 per share, while its 52-week range is $16.14-$34.69.
Time Warner Cable was trading at $19.35, which was down 7.42 percent, after opening at $20.20 and closing yesterday at $20.90. Time Warner Cable’s range at almost the mid-point of today was $19.02-$20.41, while its 52-week range is $20.67-$33.44.
Mediacom Communications struggled to a $3.52 close yesterday; Mediacom opened at $3.43 today and was trading at $3.17 per share this morning for a decline of 9.94 percent. Mediacom’s range this morning was $2.75-$3.61, while its 52-week range is $3.50-$8.42.
Charter Communications closed yesterday at 42 cents per share and was trading at 40 cents per share late this morning. Charter’s day range was 36 cents per share to 46 cents per share, while its 52-week range is $0.42-$2.97.
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