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Comcast Stock Falls on Harvey, Competitive Worries

Comcast shares dipped as much as 7% in afternoon trading Thursday after a top executive told an industry audience that the impact of Hurricane Harvey and continued competitive pressures could result in the loss of 100,000-to-150,000 subscribers in the third quarter.

Comcast stock was priced as low as $38.21 per share, down 7.2% or $2.96 each in early trading Sept. 7. The stock later rose slightly to $38.75 each (down $2.42 or 5.9%) by the afternoon.

At the Bank of America Merrill Lynch Media, Communications & Entertainment conference in Los Angeles Thursday, Comcast Cable executive VP of XFinity Services Matt Strauss said the impact of the hurricane, coupled with increased competition, could be substantial.

For more, go to multichannel.com.

Jessika is content engagement director of Broadcasting + Cable, Multichannel News and NextTV. She has been with the brands in various roles since 2013. In her current role, she works primarily behind the screen, keeping an eye on the website and fixing any site bugs. A graduate of USC Annenberg, Jessika has edited and reported on a variety of subjects for NextTV, including profiles on industry leaders and breaking news.