Time Warner Cable Deal Chatter Boosts Pay TV Stocks
Pay TV stocks rallied Friday amid the latest deal chatter.
The Wall Street Journal reported that Charter Communications was nearing a financing deal for a bid for Time Warner Cable. CNBC later reported that Comcast was looking at possible hurdles for a bid of its own.
Time Warner Cable shares hit a 52-week high early on Friday. At 10 a.m. ET, the stock was at $129.65, up 7.3 percent. Earlier it had hit $130.74.
Comcast's stock was up 3.3 percent, also hitting a 52-week high, to $49.06. Cablevision Systems shares were up 3.5 percent after earlier rising around 6 percent. Even Charter shares were up 2 percent at that time.
Time Warner Cable declined to comment. Comcast and Charter couldn't immediately be reached.
Satellite TV stocks also rose in early Friday trading, with DirecTV and Dish Network both up slightly more than two percent.