The surge occurred despite the lack of any significant news about the company. The stock traded near its Tuesday closing price of $20.41 in the morning hours but suddenly spiked in the early afternoon before it settled back down in the low $21 range.
More than 9.5 million shares had changed hands as of 3:39 p.m., nearly four times the daily average volume of 2,473,190.
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TheStreet Ratings team rates CABLEVISION SYS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CABLEVISION SYS CORP (CVC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and revenue growth. However, as a counter to these strengths, we find that net income has been generally deteriorating over time."