DirecTV, Charter Stocks Hit All-Time Highs After Latest Earnings Reports
UPDATED: The shares of the satellite TV giant and cable operator rose in early Tuesday trading, buoyed by better-than-expected financials.
The stocks of satellite TV giant DirecTV and cable operator Charter Communications on Tuesday hit new all-time highs following better-than-expected first-quarter earnings reports.
As of 11:10 a.m. ET, DirecTV's stock was up 5.9 percent at $61.39 after hitting an all-time high of $61.50. The company's market value hit $35.1 billion early in the trading day.
The stock of Charter, in which John Malone's Liberty Media recently acquired a 27.3 percent stake, at the same time was up 3.1 percent to $108.27 after setting a new 52-week and all-time high of $111.44 earlier in the day. The stock's previous high was $106.98. The company's market value hit $11 billion.
DirecTV earlier in the morning had reported higher earnings and revenue for the opening quarter of 2013, while U.S. subscriber growth slowed compared to the year-ago period.
Growth at DirecTV Latin America continued to be strong in the latest quarter, with subscriber gains coming in nearly as high as in the first quarter of 2012.
Charter narrowed its first-quarter loss and grew revenue as the company, led by CEO Tom Rutledge, continues to turn around its financial performance.
Email: Georg. Szalai@thr.com