Cablevision Systems stock took a beating early Wednesday as market
chatter reached a fever pitch that the company may be on the cusp of a
deal, including speculation that it may be a bidder for Bresnan
Communications.
Cablevision shares plunged as much as 6.1% ($1.45
each) in early trading Wednesday to $22.02 per share. The stock was
priced at $22.34, down $1.13 (4.8%) at 1:29 p.m., according to the
Nasdaq web site.
In a research note, Miller Tabak media analyst David
Joyce wrote that possible scenarios that could have prompted the drop
include Cablevision emerging as one of the final bidders for Bresnan
Communications systems in the Midwest; or that the Bethpage, N.Y. MSO is
in talks with Charter Communications about a deal involving the St.
Louis-based operator's systems either in Connecticut or elsewhere.
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