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Article: Shares of Charter Communications Dive after Warnings on Revenue, Cash Flow.
- Article from:
- St. Louis Post-Dispatch (St. Louis, MO)
- Article date:
- October 3, 2002
CopyrightCOPYRIGHT 2002 St. Louis Post-Dispatch. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jerri Stroud
Oct. 3--Shares of Charter Communications Inc. took a beating Wednesday, one day after Charter reduced its estimates of third-quarter revenue and cash flow.
Charter's shares traded as low as $1.34 and closed at $1.58, down 42 cents, or 21 percent, in heavy trading. Nearly 26.4 million shares changed hands, more than six times the recent daily average.
Charter shares have declined 87 percent in the last year as concern mounted over the company's debt, a subpoena from a federal grand jury and class-action lawsuits that questioned its accounting practices.
Several analysts downgraded Charter's stock, and Moody's ...