Comcast Stock Falls on Harvey, Competitive Worries

Strauss says op could shed 100K-150K subscribers as result of hurricane, competitive threats
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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.

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