The Dow Jones Industrial Average fell 365 points Wednesday in a broad sell-off pressured in part by low oil prices and global economic concerns, taking most cable stocks along for the slide.
The Dow finished at 16,151 points, its lowest level since September and continuing what has been a brutal first month of the year, with the index down about 7.3%.
Cable stocks, which have managed to weather past declines, fell between 2% and 4% on Wednesday, with Netflix taking the biggest hit, shedding 8.6% ($10.09 per share) to close at $106.56 each.
Charter Communications dipped 4.2% ($7.33 each) to $167.99 per share; Time Warner Cable fell 2.2% ($$.01 each) to $179.57 per share; Comcast dropped 2.4% ($1.32 each) to $53.55 per share and Cablevision was down 2.1% (65 cents) to $30.81 each. Satellite giant Dish Network declined 3.5% ($1.87 each) to $52.07 per share.
Programming stocks also were hit hard, although one bright note was Scripps Networks Interactive, which rose 0.2% (12 cents each) to $54.60 per share. But the rest of the stocks were down, led by Crown Media (down 5.6%) to $4.57 each; CBS (down 4.4%) to $44.94; and AMC Networks (down 3.02%) to $74.21 per share. Walt Disney Co., the subject of a critical blog by BTIG media analyst Rich Greenfield Wednesday, dropped 3% ($2.98 each) to $98.48 per share.
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