Comcast Stock Falls on Harvey, Competitive Worries - Broadcasting & Cable

Comcast Stock Falls on Harvey, Competitive Worries

Strauss says op could shed 100K-150K subscribers as result of hurricane, competitive threats
Author:
Publish date:
Comcast-Center-Philadelphia-9_7_0_0 (1).jpg

Comcast shares dipped as much as 7% in afternoon trading Thursday after a top executive told an industry audience that the impact of Hurricane Harvey and continued competitive pressures could result in the loss of 100,000-to-150,000 subscribers in the third quarter.

Comcast stock was priced as low as $38.21 per share, down 7.2% or $2.96 each in early trading Sept. 7. The stock later rose slightly to $38.75 each (down $2.42 or 5.9%) by the afternoon.

At the Bank of America Merrill Lynch Media, Communications & Entertainment conference in Los Angeles Thursday, Comcast Cable executive VP of XFinity Services Matt Strauss said the impact of the hurricane, coupled with increased competition, could be substantial.

For more, go to multichannel.com.

Related