Cable stocks tempered their losses in a second day of market declines, as the Dow Jones Industrial Average fell 179 points.
A day after enduring a 419-point dip in the index, investors, fearing further economic turmoil, sent the market on another roller coaster ride, with the Dow finishing Friday down 179 points. For cable stocks, the ride wasn't as bumpy - declines were more modest than the day before and two stocks - AMC Networks and Charter Communications even managed slight gains.
On the plus side, AMC Networks regained a small part of its 4.4% Aug. 18 loss, rising 0.3% (9 cents) on Aug.19. Charter Communications, down 5.1% on Aug.18, gained 1.3% (61 cents).
For the rest of the stocks, the declines continued on Aug, 19, albeit at a slower pace than the day before.
Cablevision dipped 1% (17 cents) on Aug. 19; Time Warner Cable, down 4.1% Aug, 18 fell about 1%; and Comcast, down 4.9% last Thursday fell 1% the following day.
Satellite giants Dish Network (down 5.1% Aug. 18) and DirecTV (down 3.6% Aug, 18) fell 2% each Friday.
Programmers continued their slide last Friday. Discovery Communications, down 6.9% Aug. 18 fell 0.4% on Aug. 19; Time Warner Inc., down 6.2% Aug, 18 dipped 2.6% and Scripps Networks, down 6% Aug. 18 fell 2.5%. Rounding out the sector, News Corp., down 5.3% Aug. 18 dipped 3%; Viacom, down 5% Aug, 18 shed 3.3%; and Disney, down 2.5% Aug. 18 dipped 2%.
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