Cablevision stock soared in early trading Friday as investors appeared to ignore a mixed second quarter earnings report, instead focusing on speculation that the Bethpage, N.Y., cable operator could be an acquisitions target.
Revenue rose about 1% and adjusted operating cash flow fell 11.2% in the period as the New York Metropolitan Area cable operator said it lost 20,000 basic video subscribers and added just 1,000 high-speed data and 3,000 telephony customers in the period.
Investors instead were focused on the possibility that Cablevision cold be an acquisitions target – either by Time Warner Cable or Charter Communications.
Cablevision shares rose as high as $20.16 each (up 8% or $1.52 per share) in early trading Friday. The stock was priced at $19.25 each at about 1 p.m. Aug. 2, up 3% or 61 cents each.
