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