TWC, Comcast see stocks rise in morning trading
Cable operators weren’t immune to yesterday’s 450-point drop on the Dow Jones stock exchange, but several were able to bounce back in early morning trading today.
After initially weathering the market storm of sell offs, Time Warner Cable’s price per share closed at $24.89 yesterday, for a $1.81 drop. In trading around 11:30 EDT today, Time Warner’s price per share had bounced back to $25.64, for a 3 percent increase. Time Warner Cable’s shares have seen a 52-week range of $21.95 on the low end to $34.56 at the top.
The nation’s largest cable operator, Comcast, saw its shares close at $19.47 yesterday. This morning, Comcast’s shares spiked up to $19.96 per share, for a 2.64 percent increase. Comcast’s 52-week range is $16.11 to $25.24.
Cablevision’s shares finished Wednesday at $25.88 per share, but it was trading at $24.50 today for a decrease of 1.38 percent. Cablevision’s 52-week range is $19.04 to $35.06.
Cable operator executives have long felt that their stock prices on Wall Street have been undervalued.
More Broadband Direct:
• Broadband Briefs for 9/18/08