TTWO - Cablecos sink Communications stocks' week with reports of slowing user growth
Another rough week for stocks (with a particularly rough ending) makes the competition for the Communication Services sector's top gainer a pretty small skirmish. Only seven of the sector's large-cap names (market capitalization of $10 billion or more) even eked out any gain at all for the week - with dozens of others logging declines over that period. The Communication Services Select Sector SPDR Fund (XLC) slid 3.7% for the week - and it's down 24.5% year-to-date. The top decliners were marked by a group that's been in decline for months: cable companies. Charter Communications (NASDAQ:CHTR) was the worst-performing Communications stock among large-caps, sliding 16.2% to a two-year low. A rough Thursday following peer Comcast's earnings turned into a worse Friday, when Charter's own report showed broadband user growth tailing off substantially. (For its part, Comcast (CMCSA) also found its two-year lows along with its own earnings, and it was the fifth-worst decliner, down
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Cablecos sink Communications stocks' week, with reports of slowing user growth