Time Warner Cable Slips on Outlook

Lately, shares of Time Warner Cable were slipping 56 cents, or 2.7%, to $20. Rival Comcast was down 2.5% to $17.32.

However, while Comcast said advertising revenue fell 10% to $374 million in the third quarter, Time Warner Cable said ad revenue grew 1% to $224 million "primarily due to an increase in political advertising revenues, partially offset by a decline in advertising revenues from national, regional and local businesses," the company said.

Looking ahead, Time Warner Cable said it anticipates its 2008 full-year earnings of $1.10 to $1.15 a share, compared with expectations of $1.13 a share, according to Thomson Reuters. However, Time Warner Cable said it expects revenue to rise 8% from a year ago, down from its previous projection of 9% growth.

In May, Time Warner Cable said it would separate from parent Time Warner (TWX Quote). Prior to the spinoff, Time Warner Cable will declare a one-time dividend of $10.27 to all shareholders. With an ownership stake of 85.2%, Time Warner is set to receive $9.25 billion of the total $10.9 billion payout