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Cable Stocks Weather 353-Point Dow Plunge

Biggest Single Day Decline Since Nov. 9, 2011 6/20/2013 12:52 PM Eastern

The Dow Jones Industrial Average fell 353 points on Thursday, its largest single-day drop since Nov. 9, 2011, but cable stocks, although down for the day, managed to keep their declines in check.

Concerns that the Federal Reserve would rein in economic stimulus efforts and signs of weakness in the Chinese economy drove the Dow to 14,758.32, down 353.87 points.

While cable shares also felt the pain, they managed to keep declines in the 1% to 3% range. In contrast, some stocks in the insurance and energy sectors fell in the double-digits on June 20.

Charter Communications, which had enjoyed a strong run in recent weeks fueled by acquisitions speculation, led MSO decliners, dropping 3.2% ($3.75 each) to $114.05 each on June 20. Charter was followed by Comcast (down 3.2% to $38.91); Cablevision Systems (down 2.6% to $14.80); Liberty Global (down 2.4% to $69.03); and Time Warner Cable, (down 2% to $100.41).

On the programming side, Walt Disney Co., fell 3.7% ($2.35 each) to $61.98; CBS was down 3% ($1.45) to $46.93; Starz dipped 2.9% (65 cents) to $21.97; and Liberty Interactive was down 2.8% (64 cents) to $22.18 each. Rounding out the sector, Time Warner Inc. fell 2.7% ($1.54) to $56.32; News Corp. dipped 2.7% (86 cents) to $31.48; Discovery Communications fell 2.6% ($1.96) to $74.57; Liberty Media down 2.4% ($3.12) to $125.00; Viacom was down 2.4% ($1.62) to $65.25; Scripps Networks dropped 2.2% ($1.51) to $66.25; and AMC Networks declined 1.9% ($1.21) to $63.45 per share.

Satellite stocks DirecTV fell 3.2% ($2.01) to $60.07 each and Dish Networks dipped 0.2% (9 cents) to $39.18 per share.

 

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