The stock market started the week on a positive note, gaining 330 points Monday as investors were encouraged by positive moves on the European debt front, giving a boost to several business sectors including cable.
The Dow Jones Industrial Average closed at 11,433.18 points Monday, up 330.06 points. The gains built on a 190-point rise last week for the index. All 30 Dow components crossed into positive territory Monday, and cable was no exception.
Cable operators were led by Cablevision Systems, up 7% ($1.12) to $17.49 per share, followed closely by Comcast, up 4.5% (99 cents) to $23.05; Charter Communications, up 4.3% ($2.02) to $48.65 and Time Warner Cable, up 3% ($1.97) to $69.49 per share.
Satellite stocks also saw strong gains, with Dish Network up 5.3% ($1.38) to $27.56 and DirecTV up 3.4% ($1.47) to $45 per share
On the programming side, Liberty Capital rose 5% ($3.29) to $68.51; Liberty Interactive was up 4.3% (64 cents) to $15.51; Viacom was up 4.2% ($2.02) to $50.68; News Corp. gained 4.1% (67 cents) to $16.97; and Disney rose 4.1% ($1.31) to $33.01. Rounding out the sector were Time Warner Inc, up 4.1% ($1.27) to $32.12; Discovery Communications, up 2.7% ($1.04) to $39.13; Scripps Networks, up 1.6% (62 cents) to $38.54; and AMC Networks, up 1.5% (48 cents) to $33.11.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.