Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Cablevision (NYSE: CVC ) were getting kicked off the air today, falling as much as 12% today, after the media company posted a disappointing quarter, in part due to the effects of Hurricane Sandy.
So what: The Long Island-based cable provider reported a loss on continuing operations of $0.32 a share, way below expectations of $0.09 per-share profit. Management blamed Sandy for part of the losses, saying it disrupted service for 60% of customers in the New York region, and damaged more than 450 miles of cable lines. Revenue dropped 1.6%, to $1.66 billion, slightly below estimates of $1.7 billion.
Now what: Factoring in a gain on a settlement from a lawsuit with Dish Network, Cablevision actually made a profit of $0.45 per share, which helps make up for the otherwise miserable quarter. Considering that revenues were relatively in line with estimates, there doesn't seem to be much concern for long-term problems, as the loss this quarter stemmed from outsized costs from Sandy. While competition also seems to be affecting Cablevision, I expect more normal results to return in its next report.
Don't miss the next update on Cablevision.
- Add Cablevision Systems to My Watchlist.