SHEN - Why Cable and Telecom Stocks Were Soaring Today
2024-05-08 14:42:38 ET
Shares of cable telecom stocks Comcast (NASDAQ: CMCSA) , Charter Communications (NASDAQ: CHTR) , and Shenandoah (NASDAQ: SHEN) rallied on Wednesday, up 2.8%, 4.3%, and 9.8%, respectively, as of 1:15 p.m. ET, even as the broader markets were in the red.
The entire industry got a lift today as a bipartisan group of Senators revived a key government subsidy program.
Yesterday, a bipartisan group of Senators introduced an amendment to the 2024 Federal Aviation Administration (FAA) Reauthorization Act, which would provide roughly $6 billion in funding toward the Affordable Connectivity Program (ACP), along with another $3 billion to "rip and replace" equipment from Chinese telecom equipment providers ZTE and Huawei.
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Why Cable and Telecom Stocks Were Soaring Today