Shares of Time Warner Cable ( TWC ) dropped slightly, falling 0.43% to $109.74 amid its continuing disputes with CBS ( CBS). Since August 2, CBS stations and Showtime have been unavailable to subscribers in New York, Los Angeles, Dallas, and elsewhere due to contract disputes between the two companies. With the September 8 opening weekend of the NFL season fast approaching, Time Warner may lose leverage in the negotiations because of anticipated outrage from Time Warner missing the games, as CBS holds the broadcast rights to AFC games.
Alliance Fiber Optics ( AFOP ) shares shot up 8.40% to $31.35 after it announced yesterday that it would conduct a two-for-one stock split. The stock split of the Sunnyvale, California-based manufacturer of fiber optics components will take place in September. Shareholders of record as of the close of business on August 30 will receive one additional common stock for each share they own, while shares issued pursuant to the split will be issued on September 16. CEO Peter Chang said in the press release, "Today's stock split demonstrates our Company's commitment to building value for our shareholders and our confidence in the fundamentals and growth potential of both our business and the optical communication industry." He added that the split would "further improve our liquidity and to make our shares more accessible to institutional and individual shareholders." -- Written by Laura Berman in New York Follow @LauraBermanTST