The Dow Jones Industrial Average fell more than 275 points Monday, but cable stocks were mixed, with some MSOs and programmers actually showing gains for the day.
The Dow, felled by continued volatility in the European debt markets, closed at 11,955.1, down 276 points on Oct. 31. Continued doubts about the European debt situation coupled with the bankruptcy of MF Global Holdings, the broker-dealer run by former New Jersey Gov. Jon Corzine, helped drive down the index. For cable stocks, already in full swoon since last week's disappointing third quarter results, results were mixed.
On the MSO side, results were split. Cablevision Systems fell 4.4% (67 cents) to $14.47 and Comcast shed 1.7% (40 cents) to $23.45, while Time Warner Cable, up 1.9% ($1.21) to $63.69 and Charter Communications, up 0.8% (36 cents) to $45.94 each, showed gains.
Satellite stocks were down, but not by much. Dish Network fell 1.1% (27 cents) to $24.17 and DirecTV was down slightly, 0.2% (7 cents) to $45.46.
Programmers also had a topsy, turvy day, with Walt Disney Co., down 3.7% ($1.33) to $34.88; Scripps Networks down 2.7% ($1.16) to $42.48; AMC Networks down 2.6% (87 cents) to $32.62; Viacom down 2.4% ($1.33) to $53.44; Time Warner Inc., down 1.4% (48 cents) to $34.99; News Corp. down 1.2% (22 cents) to $17.85; Liberty Interactive down 1.4% (23 cents) to $16.43; and Liberty Capital down 1.1% (84 cents) to $76.82 each. On the plus side, Discovery Communications gained 1.5% (63 cents) to $43.46 and Liberty Starz was up 1.3% (88 cents) to $68.30 per share.
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