The job market stalled in August with exactly zero new jobs being created, sending the Dow Jones Industrial Average down more than 250 points and cable stocks toward the cellar.
It was the second straight day of losses for the index, which shed about 120 points on Thursday. Friday's loss of 253 points was spurred by a dismal jobs report - no jobs were created or lost in August, the worst month since September 2010, according to the U.S. Dept. of Labor.
The cable sector took it on the chin Friday, with Cablevision Systems enduring the biggest loss 5% (90 cents per share) to $16.94 each, followed by Comcast, down 2.9% (63 cents each) to $21; Time Warner Cable, down 2.8% ($1.85) to $63.55; and Charter Communications, down 1.5% (75 cents) to $48.88.
Satellite stocks were down as well, with Dish Network dipping 2.8% (70 cents) to $24.30 and DirecTV down 2.6% ($1.15) to $42.23.
On the programming side, Scripps Networks had the biggest loss - 3.8% ($1.61) to $40.72 - followed by News Corp., down 3% (52 cents) to $16.56; Disney, down 2.8% (92 cents) to $32.46; Viacom, down 2.6% ($1.46) to $55.52; and Discovery Communications, down 2.5% ($1.03) to $40.34. Rounding out the sector, Liberty Starz was down 1.7% ($1.15) to $66.18; Liberty Interactive shed 1.6% (26 cents) to $15.55; and Liberty Capital was down 1.1% (77 cents) to $67.88.
More about multichannel news
Latest
