TWC Shares Rise On M&A SpecStock up as much as 6% after poor Q3 results 10/31/2013 10:56:02 AM Eastern
Time Warner Cable stock was up 6% in early trading Thursday after the second largest cable operator's poor third quarter results helped drive speculation that a deal to sell the company was increasingly likely.
Time Warner Cable shed 306,000 residential video subscribers in the third quarter, nearly twice the number lost in the prior year and driven primarily by the month-long retransmission consent dispute between the MSO and broadcaster CBS.
Time Warner shares rose as high as $123.93 each (up 6%, or $7.01 each) in early trading Oct. 31 as investors believed that a deal with Charter Communications is more likely than ever. The stock calmed down a bit in later trading, priced at $119.48 each (up 2.2% or $2.60 each) at 10:16 a.m.