Charter Communications Falls for Second Day After CEO's Resignation

Tech Movers

TSC Staff

09/25/01 - 10:21 AM EDT

Cable company Charter Communications (CHTR Quote) was down 16% in midmorning, continuing a slide that began Monday, when CEO Jerry Kent announced he is stepping down.

The stock was downgraded Monday by Goldman Sachs and this morning by Banc of America Securities.

No reason for Kent's departure was given, but his employment contract was set to expire December 23. Kent, who has been credited with much of the company's growth, said he would continue as a consultant.

Kent also said he intended to sell his interests in Charter Investments to Paul Allen, the co-founder of Microsoft (MSFT Quote) and the chairman of Charter's board.

After making generally positive comments on the cable sector and Charter in particular, Goldman downgraded the stock to market outperform from its recommended list. Banc of America cut to buy from strong buy.

Visit TheStreet for more great features

TheStreet Premium Services

From the action-oriented investing ideas of Action Alerts PLUS by Jim Cramer to the expert technical trading strategies of Helene Meisler's Top Stocks, TheStreet.com offers a range of premium services to help boost your portfolio's performance. View now.

Expert Advisors Alerts Delivered to your Inbox

Action Alerts PLUS: Cramer's personal portfolio, emails before he acts.

RealMoney: 70+ experts share their top investing ideas and analysis.

Stocks Under $10: Alerts identify undervalued stocks with profit potential.

FREE NEWSLETTERS

Get an edge on the market with the help of free email newsletters like Jim Cramer's Daily Booyah!. Learn about the day's major market events, companies that sizzled or fizzled and lots more that can help you make more profitable investing decisions. Sign up.