Cable stocks took it on the chin on Monday (June 13), as the S&P 500 fell into bear-market territory after investors opted to minimize risk as fears of the possibility of higher interest rates and other money-tightening measures came closer to reality.

The Standard & Poor’s 500 — which includes cable stocks like Charter Communications, Comcast, The Walt Disney Co., Fox Corp. and Paramount Global — dipped 3.9% on June 13, as inflationary fears spooked the markets. Investors appeared worried the Federal Reserve could raise interest rates in a move to slow down the economy after federal data showed consumer prices rose 8.6% year-over-year in May, its quickest increase since 1981.

The decline in the S&P 500 coincided with an 875-point (2.8%) drop in the Dow Jones Industrial Average and a 4.7% decline in the NASDAQ Index. The S&P’s Monday falloff brought the benchmark squarely in the bear market realm — down more than 20% since its January high — the first bear market in the U.S. since 2020, according to The Wall Street Journal.

Stocks across the board were hammered, but tech shares were hit particularly hard, with Alphabet, Meta Platforms (formerly Facebook), Apple and Amazon all falling between 4% and 6% for the day.

Netflix, which has been battling declines after it reported its first ever quarterly subscriber loss in Q1, saw its shares dip by 7.2% to $169.69 each. So far this year, Netflix has shed more than 70% of its value — the stock was priced at $602.44 per share on Dec. 31.

Among the biggest losers in the cable programming sector for the day were Paramount Global (down 8.1%), Warner Bros. Discovery (down 5.6%), and Disney. (down 3.7%). Distributors also were hit hard. Altice USA fell 7.5% to $9.25 per share, while Charter fell 4.2%. Cable One dipped 4.1% and Comcast slipped 3.4% for the day.

Streaming companies like Roku (-11.4%), fuboTV (-9.1%) and others were hit hard as well. Roku, a traditionally volatile stock in its own right, had been slipping in the past few days after a nearly 10% boost on June 8 as rumors swirled that Netflix was planning a takeover of the company. Those gains have been erased.

Telcos AT&T (down 4.5%), Verizon Communications (down 2.4%) and T-Mobile US (down 4.5%) fared better than satellite-TV service provider (and wireless newcomer) Dish Network, which fell 8.9%. Dish is in the middle of finishing out the first phase of its wireless buildout — the network needs to reach 20% of its footprint by the end of June — and launched service in Las Vegas earlier last month. ■  

The Dow Jones Industrial Average plunged nearly 800 points Tuesday as investors remained skittish over uncertainties around U.S. trade policy with China, fueled by a morning tweet by President Trump. The meltdown battered most tech stocks but turned out to be a mixed bag for cable shares.

The Dow closed at 25,027.07 on Tuesday, down 799 points as enthusiasm waned concerning the 90-day tariff truce in the U.S.-China trade wars struck over the weekend, after President Trump tweeted “I am a Tariff Man.”

[embed]https://twitter.com/realDonaldTrump/status/1069970500535902208[/embed]

Investors feared that animosity between the world’s two biggest economies could heighten, erasing any gains in the U.S. and rocking already shaky markets in Europe and Asia. 

The so-called FAANG stocks — Facebook, Amazon, Apple, Netflix and Google — had a rough day Tuesday, dropping between 2% and 5% each, while cable stocks were down but declines were not as severe.

Facebook fared the best of the FAANG stocks, closing at $137.93, down about 2.2% ($3.16 per share) while Netflix closed at $275.33 per share Tuesday, down $14.97 each or about 5.2%. Amazon fell 5.9% ($103.96 each) to close at $1,668.40 per share and Google dropped 5% ($55.61 each) to close at $1,050.82 per share. Apple dipped 4.4% ($8.13) to $176.69 per share.

Cable stocks fared a bit better, with declines in the 1% to 3% range.

Comcast fell hardest in the sector — down 3.7% ($1.46) to $37.69 per share, while Charter Communications dipped 1.5% ($4.86) to $321.84 each. Liberty Global dipped 2.1% and Altice USA was down 1.3% for the day, while Cable One was the sole gainer, rising 0.5% ($4.35 each) to $866.62 per share.

AT&T was down 3.1% (98 cents) to $30.73 and Verizon was essentially even, closing at $58.13 per share Monday, down 3 cents each. Dish Network had the biggest decline in the satellite sector, dropping 4.4% ($1.46 each) to $31.93 per share.

On the programming side, broadcaster CBS had the biggest decline, falling 4% ($2.16) to $51.35 per share. The rest of the sector was down between 1% and 2% each, with The Walt Disney Co. closing at $112.94 (down 2.4%), AMC Networks closing at $57.06 (down 2.1%); Viacom finishing the day at $30.88 (down 1.9%) and 21st Century Fox priced at $49.12 (down 1.1%).

The Dow Jones Industrial Average fell more than 500 points on Tuesday, erasing all of the index’s 2018 gains and dragging some cable stocks into the cellar.

The Dow closed at 24465.64 on Nov. 20, down 552 points and eliminating any gains in the index for the year. The falloff originally affected tech stocks like Apple, Google and Amazon, but quickly spread throughout several sectors  including financial services, oil-and-gas and retail. For some tech shares, the big drop was short-lived while for others it was a steady decline. For example, Amazon, down 6% in early trading, finished the day down 1.1%, while Apple, amid concerns over slow IPhone sales, fell as much as 5.6% in early trading and closed down nearly 5%.

For the cable sector, the declines ran the gamut. Charter fell the hardest among cable operators, closing at $305.01, down 5.7% or $18.54 each. Altice USA was next, down 4.6%, followed by Liberty Global (down 4.4%); Cable One (down 4.1%); and Comcast (down 3.7%). On the satellite side, Dish Network was down 4.7% to $30.03 per share, while DirecTV and Turner Networks parent AT&T fell 3.1% to $29.41 per share.

Programming stocks were mixed, with The Walt Disney Co., closing at $111.87 each, down 3.1% and Viacom down 1.9%. Rounding out the sector, CBS finished the day at $52.88 each, down 3.8%; Discovery was down 3.2%; AMC Networks fell 2.5%; 21st Century Fox dropped 1%.

Tech stocks pared their losses as the day wound down, with Amazon down 1.1%, Netflix down 1.3%, and Apple down 4.8%. On the brighter side, Facebook and Google each finished the day up about 1% each. 

Skittishness over the fed’s plan to tighten monetary policy and sent the Dow Jones Industrial Average to its lowest point since February, sliding more than 800 points on Oct. 10 and taking media and tech shares along for the ride.

The Dow ended Oct., 10 at 25,598.74, down 831.83 points or about 3.15%.

Tech stocks took the hardest hits, with Netflix down 8.3% ($29.82 each) to $325.89 per share, Amazon down 6.2% ($115.05 each) to $1,755.25 per share and Google falling 5.1% ($57.60 each) to $1,081.22 per share.

The flight from growth stocks like technology was spurred in part by moves by the Federal Reserve to tighten monetary policy, according to the Wall Street Journal. But the paper said a slowdown in home and auto sales and worsening trade tensions between the U.S. and China also were factors.

On the media side, distribution stocks fell in the 3%-4% range, with Liberty Global (down 4.5%), Charter (down 3.9%) Comcast (down 3.3%) and Altice USA (down 3.3%) basically in the same boat.

For programmers, the pain was a bit less, but not much. Discovery Inc. fared the best, down just 1% for the day (30 cents each) to $32.06 per share, with the rest of the sector down between 2% (21st Century Fox, down 1.9% to $44.62) and 3%(The Walt Disney Co., down 3.4% to $112.86) for the day.

AT&T, which partially lifted the veil on another over-the-top video offering Wednesday, fell 2% to $32.85 per share and Verizon was down 1.2% (66 cents) to $54.33. Satellite TV service provider Dish Network fell 3.3% ($1.12 each) to $33.05 

After weathering its single largest one-day drop ever, the Dow Jones Industrial Average closed up more than 567 points on Tuesday, regaining some of the losses of the past few days and fueled in part by gains in the media sector.

The Dow closed at 24,912.77, up about 567.02 points in what was a wild trading day. The market opened down 530 points but swung from positive to negative territory and back again throughout the day. That comes a day after the market plunged 1,175 points Feb. 5, on fears that higher interest rates and inflation were coming.

Some saw the opportunity to buy stocks on the cheap, and several stocks began to climb back from the hole they dug a day before. The market still has a way to go to regain the losses of the past seven day – it lost 1,100 points last week. But Tuesday’s increase was good news.

For media stocks, which were hammered in Monday’s market debacle, signs of a turnaround were evident. Discovery Communications led the sector, rising 4.7% ($1.06 per share) top $23.84 each; followed by AMC Networks, up 4.4% ($2.15 each) to $51.06 per share. Of the 25 stocks in the sector, 16 ended the day in positive territory.

Distribution stocks were mixed, with Comcast up 1.2%, Charter Communications down 1% and Altice USA (-0.4%) and WideOpenWest (-1%) down slightly. AT&T rose 0.6% (20 cents each) to $36.83 per share and Verizon gained about the same, up 0.65% (33 cents) to $50.83 per share. On a less positive note, Dish Network fell 3.3% ($1.41) to $43.32 per share.

Tech stocks also showed gains, with Netflix up 4.5% ($11.46) to $265.72; Apple up 4.2% ($6.54) to $163.03; Amazon up 3.8% ($52.84) to $1,442.84; Google up 2.3% ($24.80) to $1,080.60; and Facebook up 2.2% ($4.05) to $185.31 per share.

Cable shares managed to weather Monday’s stock market storm in the wake of the president’s controversial immigration policies, with most shares showing slight gains as other sectors swooned.

The Dow Jones Industrial Average fell as much as 200 points Monday before closing down 123 points to 19,971, as the market feared increasing instability in the U.S. political system, stemming from worldwide reaction to President Donald Trump’s ban on immigrants from seven countries.

Trump’s executive order Friday, which barred refugees from Syria indefinitely and immigrants from seven Muslim-majority countries ( Iraq, Iran, Somalia, Libya, Sudan, Syria and Yemen) for 90 days and suspending the admission of all refugees for 120 days, touched off protests across the country over the weekend. Thousands of protesters marched in airports in cities like New York, Washington and Boston as 109 immigrants were detained under the order.

Several legislators expressed their outrage at the ban, including New York Gov. Andrew Cuomo; U.S. Sen. Charles Schumer (D-NY) and Rep. Keith Ellison (D-Minn.)

Trump blamed the airport delays on a computer glitch that grounded Delta Airlines flights (which happened on Sunday), protesters and “the tears of [New York’s U.S.] Senator [Charles] Schumer.”

While Trump’s administration called his actions another example of his decisiveness and action, the market and the world community feared it was a signal of increasing instability, sending the Dow plunging.

Cable shares were relatively unscathed. On the distribution side, Charter Communications gained 0.4% and Comcast and Cable One were down about 1%. Programmers fared even better, with The Walt Disney Co. (1.5%); Viacom (1.2%); AMC Networks (0.5%); Time Warner (0.25%); Scrips Networks (0.04%); 21st Century Fox (0.3%); and QVC Group (0.8%) all showing gains. Discovery Communications lost 0.3% and CBS was down 0.5%.

Airline stocks were hit hard -- American Airlines stock fell 4.4%; Delta Airlines was down 4.1% and United Continental Holdings dipped 3.6% on Monday. Tech stocks also took some hits – Google parent Alphabet Inc. fell 2.6% -- after several technology chiefs spoke out against the Muslim ban.

The decline – the biggest drop in the market since Oct. 11 – mars what had been a strong run-up since Trump won the election, when investors were encouraged by promises of more jobs, tax cuts and regulatory reform. Still, even with today’s decline, the index is up about 9% since Trump won the electorate.

But according to reports, the immigration moves are forcing investors to consider whether some of the President’s policies will create and deepen negative images of the U.S. on the world stage.  

On Monday, Trump signed another executive order, this one requiring all federal agencies to remove two regulations for every new one they enact.

Despite the soul-searching and disbelief that has informed the liberal reaction to his stunning election-day victory, President-elect Donald J. Trump has had no negative impact on the stock market, so far.

As for what he would do to the media business that had been the target of much of the Republican candidate’s disdain during his campaign, most observers believe it is too soon to call.

While gloomy predictions of plunging markets were made in the wake of Trump’s surprise victory, the Dow Jones Industrial Average actually rose 256 points on Nov. 9, while media stocks rose a slight 1% to 2%. The Dow closed Nov. 10 up more than 200 points.

While the investment community is showing early optimism, media-industry analysts and executives are taking a cautious approach to what could come in a Trump administration, with many writing off some of the former reality TV star’s criticism as playing to his audience.

AT&T-TW RIPPLES

Trump had repeatedly called out media bias as the reason for missteps during the campaign, so it was no surprise that he turned his bluster box up to 11 in October, shortly after AT&T announced its $108.7 billion deal to purchase Time Warner Inc. Trump, citing what he said was too heavy a concentration of power among too few media companies, vowed to block the mega-merger, adding if he had his druthers, Comcast’s 2011 purchase of NBCUniversal would be unwound for the same reasons.

While his ultimate stance on big media and mergers will depend on his picks to head key regulatory agencies like the Department of Justice and the Federal Communications Commission, Dish Network chairman and CEO Charlie Ergen said that position could change with time.

“You always have to take it seriously what someone who is running for president says,” Ergen said during Dish’s earnings call. “Any candidate would reserve the right to change their mind if they had different facts. The regulatory process is probably as unknown as it was before the election.”

Related:Ergen: Trump Could Have Light Regulatory Hand

Whether Trump would be able to have any effect on those mergers is unclear, but most observers believe he would be out of his jurisdiction in having any direct impact on the deals.

AT&T and Time Warner have characterized their merger as an opportunity to change consumer behavior, using Time Warner content and AT&T distribution vehicles like its upcoming DirecTV Now to offer skinnier bundles, mobile and social media-exclusive content and low-cost video products supported by advertising.

What the combination doesn’t do is remove a competitor from the landscape — one of the chief concerns of any Justice Department review. The deal may not even attract scrutiny from the FCC because it would involve the transfer of just a handful of broadcast and satellite licenses. Time Warner owns one broadcast license, for TV station WPCH, the Atlanta-based holdover from the days of Superstation WTBS, and dozens of satellite licenses.

While the Trump administration’s options to lower the regulatory hammer on the deal are limited legally, it could heap conditions on the transaction. Those conditions could make a deal unattractive for both parties.

BACKSEAT FOR TELECOM

At least for now, most analysts believe Trump has other pressing issues — his pledges to abolish Obamacare, build a wall on the Mexico border and deport illegal aliens, to name a few — and might not devote much attention to telecom policy in his first months in office.

“The logical thought process is that a Republican-controlled executive branch and Congress would likely lead to far more laissez-faire policies, which would be good for consolidation and good for an environment with less regulation,” Pivotal Research Group CEO and senior media & communications analyst Jeff Wlodarczak said.

As far as Trump’s comments about AT&T-Time Warner, Wlodarczak wrote them off to “political hyperbole,” and said the deal most likely will pass. As far as Comcast-NBCU, the analyst believes Trump’s hands are tied.

“The Comcast-NBCU comment was, again, arguably hyperbole as he was mad at coverage of his campaign,” he said. “I don’t think he can do anything about Comcast-NBCU.”

AT&T was taking an optimistic approach to the new administration, with senior executive vice president and chief financial officer John Stephens pointing out their similar approaches at the Wells Fargo Technology, Media and Telecom conference last Wednesday.

“From a company perspective, we really look forward to working with President-elect Trump and his transition team,” Stephens said at the conference. “His policies and his discussions about infrastructure investment, economic development and American innovation all fit right in with AT&T’s goals. We’ve been the leading investor in this country for more than five years running, and our Time Warner transaction is all about innovation and economic development, consumer choice, and investment in infrastructure with regard to providing a great 5G mobile broadband experience. So we look forward with optimism to working with the leadership and providing benefits to consumers and to our shareholders.”

Time Warner declined to comment.

Some analysts warned the new commander-in-chief could have a chilling effect on future deals.

“It’s unclear; it’s hard to know where he [Trump] is on Fox these days,” Telsey Advisory Group media analyst Tom Eagan said. “He probably doesn’t like CNN. To the degree it increases the discount on the [AT&T-TW] deal, it could lower the zeal for more consolidation.”

Time Warner stock was down last Wednesday — it closed at to $86.44 per share, down 1.6% or $1.43 each — but the bigger news on the shares has been the discount to the price AT&T agreed to pay. When it announced the deal Oct. 22, AT&T said it would pay $107.50 per share in cash and AT&T stock for every Time Warner share. At the Nov. 9 close, Time Warner is trading at a nearly 20% discount to AT&T’s offering price. Most of that discount has been because investors aren’t sure it will receive regulatory approval.

Wlodarczak wasn’t so sure Trump alone could discourage further consolidation. He said the market will do that.

The chatter over more vertically integrated deals in the wake of AT&T-Time Warner was largely generated by the press, Wlodarczak said. Like other analysts, he doesn’t believe pairing content and distribution makes much sense, and he sees AT&T’s move as more of a diversification play.

Instead, Wlodarczak believes the markets will focus on the potential positives of a Trump regime.

“The ramifications for Trump should be less regulation, Obamacare disappears, tax rates decline, all of which is good for the backdrop for the sector,” Wlodarczak said. “I think it is reasonable to assume that a lot of what the current FCC has pushed on the industry will be thrown out, including most importantly Title II-led regulation on cable, which is fundamentally positive.”

SNAPPING UP WIRELESS

He also believes conditions will be more favorable to consolidation, adding that wireless carrier T-Mobile could be an attractive target for Sprint or a teamed up Comcast and Charter.

Sprint stock rose 12% on Nov. 9, to $7.11 per share, a twoyear high, while T-Mobile rose 5% to $53.01 each.

Ergen pointed to the Republican control of the House and Senate, which should help Trump push through his agenda.

“You’re probably going to see bipartisan support for infrastructure, a more rational tax code, particularly as it relates to corporate taxes and particularly as it relates to maybe bringing overseas money back, which can then pay for infrastructure,” Ergen said.

After a brief early downturn Wednesday, the day after Donald Trump’s upset victory over Hillary Clinton the Presidential election, stocks rallied on hopes of lower taxes and more favorable business regulations under the new regime.

The Dow Jones Industrial Average finished Nov. 9 up 256.95 points to 18,589.69, after a brief downturn earlier in the morning. Investors apparently were encouraged by Trump’s past promises to lower taxes and eliminate unnecessary business regulations to spur the economy.

Media stocks, which were down between 1% and 2% earlier in the day, rallied too. Charter Communications finished the day up 3% ($7.61 each) to $269.87 per share, Dish Network rose 2.2% ($1.25) to $57.93 and Comcast closed the day at $63.45 per share, up 1.5% (93 cents) each. Programmers also saw gains, with Viacom up 1.7% (63 cents) to $37.98; 21st Century Fox up 1.3% (36 cents) to $27.45 and QVC Group up 3.2% (62 cents) to $20.25.

Time Warner shares were down 1.6% ($1.43 each) to $86.44 per share, while AT&T shares rose 1.1% (42 cents) for the day. AT&T and Time Warner announced their $108.7 billion merger late last month, a union that Trump said he would block if President.

The Dow Jones Industrial Average crawled back into positive territory Wednesday, finishing the trading session up 619 points and taking cable stocks along for the ride.

Cable shares, which for the most part were up modestly Tuesday, continued to rise on Aug. 26, with Charter Communications having the biggest gain at 3.7%. Other distribution stocks fared well, with Cablevision Systems up 3%, Comcast up 2.9% and Time Warner Cable up 2.5%.

Programmers also had a good day – Disney rose 3.5%, Time Warner Inc. was up 2.8% and 21s Century Fox gained 2.8% for the day.

Investors, perhaps seeing some buying opportunities after a morning panic sent the Dow Jones Industrial Average down more than 1,000 points at the open, began slowly crawling back, as the overall market reduced its slide to about 250 points by mid-day.

Cable stocks, which were hit hard along with every other market sector in the morning, began to see some relief, with most stocks gaining back at least some of their losses of earlier in the day.

Pending merger partners Charter Communications and Time Warner Cable, which had been down as much as 7.1% and 4.3% respectively, during the day, entered positive territory by noon. TWC was up 1% ($1.41) to $185.00 per share and Charter rose 0.3% (56 cents) to $177.97 each. Other distribution stocks slowly began to reverse the downward spiral. Cablevision, down 9.4% earlier in the session, finished the first half of the day down 41 cents each (1.7%) to $23.33 each and Comcast, down as much as 4% earlier in the day, was down 1.6% (92 cents) by mid-day. Cable One, which had been unchanged earlier, was down the most – 2.8%, or $11.77 each, to $407.98 by noon time.

Programming stocks also seemed to start on the path to a slow recovery. CBS was up 7 cents per share (0.2%) by mid-day to $45.16 each;  Discovery Communications, down about 5.2% earlier in the morning slowed its decline to 3.1% by noon. Disney, down 7% earlier was down just  1% by mid-day, with 21st Century Fox down 2.5%, Viacom down 1%, Time Warner Inc. down 1.4% and  Netflix, which opened down about 15%, was down less than 1% (35 cents each) by noontime to $103.67 per share.

It has been a volatile past few days for the market – it fell more than 300 points Thursday and more than 535 points on Friday. Cable stocks, which have been on a rollercoaster ride for weeks, were down between 11% and 3.5% since Aug. 17