Cable Stocks Continue New Year's Slide

Comcast Eyed as Possible Suitor for The Weather Channel

Cable stocks continued to trade heavy Thursday after finishing lower in the first trading day of the year. Both Comcast and Cablevision Systems traded through their 52-week lows.

downward chart

Comcast hit a session low of $17.13 per share Thursday morning, well through the previous 52-week low of $17.37. The company was fingered in an article in The New York Times Thursday morning as a possible bidder for The Weather Channel, which is on the block and could demand as much as $5 billion, according to the story. News Corp. and NBC Universal were also mentioned as possible buyers.

Cablevision -- which also owns programming assets but was not associated with the TWC news -- was also carving out a new 52-week low of $22.68 per share. It hit the low mark late Thursday morning and since bounced back up over $23 through midday.

The rest of the sector was trading lower, as well. Time Warner Cable was down more than 3% midday at $26.58 per share; Charter Communications slipped over 2.5% to $1.11; and Mediacom Communications gave up some of Wednesday’s gains by sliding 1.7% to $5.18.