Altice USA stock traded strongly on its second day as a public company, rising about 5% to close at $34.30 per share, up $1.59 each.
Altice USApriced its initial public offering Wednesday nightat $30 per share. On itsfirst day of trading on the New York Stock Exchange June 22,it rose more than 9% to close at $32.71 per share. On Friday, the stock traded as high as $35.29 each, up 8% or $2.58 each. Since its IPO, Altice USA stock has risen a combined 14% in two days of trading.
Altice USA shares did better than its peers, which have been sluggish since influential media analyst Craig Moffett downgraded the sector on Monday. Comcast closed at $39.50 each (down 1.1%); Charter Communications at $330.80 (down 1%) and Cable One at $712.68 (down 0.5%).
For the full story go to multichannel.com.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below