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Cable names rebound as stocks continue to improve
By Sara Rosenberg
New York, Aug. 22 - Cable names strengthened Thursday in secondary bank loan trading following a two-day strong performance of cable companies' stocks. Even Charter Communications Inc. was able to halt its three-day run downwards and managed to bounce back up a few points, according to a fund manager.
"Cable names as a whole rebounded and stocks were notably stronger as well," the fund manager said.
Charter Communications was bid around 83 on Thursday, up from Wednesday's bid of 81 and offer of 83. Insight Communications Co. and Mediacom Communications Corp. were bid around 931/2, up from a bid around 91, according to the fund manager.
At close on Thursday, Charter's stock was at $3.13, up $0.25 or 8.68%, Insight's stock was at $9.85, up $0.70 or 7.65% and Mediacom's stock was at $5.78, down slightly by $0.06 or 1.03%.
The upward momentum that was noticeable in cable companies' bank debt is probably in reaction to the improved equity and bond performance of these companies in the last few sessions, the fund manager said.
On Wednesday, cable stocks stole the spotlight on news of an AOL Time Warner/AT&T deal, in which AOL will buy AT&T's stake in Time Warner Entertainment.
In other news, Nextel Communications Inc. was quoted up by a couple of points on Thursday with the term loan B and C trading at 85 7/8, the term loan A around 84 and the term loan D around 83 and change, according to a financial professional.
The Reston, Va. wireless company's stock also moved up Thursday on news of possible consolidation in the competitive sector as reports emerged that Deutsche Telekom AG may sell or merge VoiceStream. Nextel's stock closed at $7.80, up $0.60 or 8.33% on the day.
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