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Time Warner Cable Off on CFO Comments

Shares of Time Warner Cable fell 5% on Wednesday after a bearish appearance by CFO Rob Marcus at an investor conference.

NEW YORK (

TheStreet

) --

Time Warner Cable

(TWC)

shares slumped Wednesday after bearish comments from CFO Rob Marcus at an investor conference.

"Overall, I would say that the subscriber environment is very, very weak," Marcus said at the Bank of America/Merrill Lynch Media, Communications, and Entertainment Conference in Newport Beach, Calif. "We're being negatively affected by very high rates of unemployment, high vacancy rates, both at the rental and the owned home levels, and really

anemic new home formation

."

Shares of Time Warner Cable, the second largest U.S. cable television operator behind

Comcast

(CMCSA) - Get Comcast Corporation Class A Report

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, finished the session down 5% at $52.43. Volume of 6.7 million was almost three times the issue's usual churn. Year-to-date, the stock is still up more than 33%,

--Written by Theresa McCabe in Boston.

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