Cablevision Tells Investors 'No More Acquisitions'; Stock Up Over 50 Percent In Less Than A Month

This story was written by Joseph Weisenthal.
Cablevision (NYSE: CVC) management has been meeting with key investors, as it explores various strategies for lifting its share price. The Long Island-based cable operator said earlier this month that it would consider a variety of options to this effect, including asset sales. While it hasn't done anything definitive yet, it has promised investors that it would cool down on acquisitions, according to WSJ. This makes sense, as the company's perceived freespending ways contributed to its declining share price throughout much of the year. The company also claimed that the acquisitions of the Sundance Channel and Newsday arose from "special situations", though it's not clear what they meant by that.

Either way, the new message is clearly getting across. Cablevision shares up over 50 percent just since July 14, when they hit a low below $20 per share. They closed yesterday at $30.96. Now the company just has to make good on the changes the market is now expecting.


By Joseph Weisenthal
  • CBSNews

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