Cablevision Systems Shares Plunged: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of regional cable service provider Cablevision Systems (NYS: CVC) show nothing but static today, fading as low as 16.2% overnight on massive volume.
So what: It's a bad day for the cable industry in general. Cablevision and Time Warner Cable (NYS: TWC) both reported disappointing earnings and defecting customers over the last couple of days, and both stocks have taken double-digit percentage dips as a result.
Now what: Fellow broadcasters DIRECTV (NAS: DTV) , DISH Network (NAS: DISH) , and Comcast (NAS: CMCSA) all hover around 4% drops today despite the generally cheery market conditions, dragged down by these early industry reports. Even relatively high-tech cousin CoinStar (NAS: CSTR) and its popular Redbox video rental machines can't pull out a decent quarter these days, instead depending on higher rental fees to keep its sales growth alive. The rest of the satellite and cable guys all report earnings in the next ten days; be prepared for further mayhem.
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