Cablevision Systems Corp. finally found a way to goose its declining stock
price Friday: It offered to provide investors more clarity regarding its $550
million funding gap in 2003.
In a press release Friday, Cablevision said it would hold an in-person
investor's conference Aug. 8, in conjunction with its regularly scheduled
second-quarter earnings release.
That news -- coupled with news that its first-half subscriber losses were not
nearly as bad as some had expected -- gave Cablevision shares a jolt July 26.
The company's stock was up as much as 20 percent ($1.18 per share) to $7 each
Friday before closing at $6.75, up 93 cents per share.
Cablevision also reiterated its full-year-2002 guidance, projecting that
cash-flow growth at its Cablevision NY Group -- which includes its cable
systems, Madison Square Garden, The Wiz, MetroChannels and its News 12 cable
networks -- will be about 25 percent.
Total telecommunications cash flow should be up about 15 percent in the
The smarter way to stay on top of the multichannel video marketplace. Sign up below.
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.