NEW YORK (TheStreet) -- Cablevision (CVC) slumped Tuesday after Deutsche Bank cut its 2016 earnings estimates. Sprint (S) - Get Report surged after Softbank (SFTBF) reportedly invested in the telecom carrier for a second time this month.
Cablevision fell 1.9% to close at $25.46.
The cable company stumbled after Deutsche Bank lowered its 2016 earnings estimates to 69 cents a share from 70 cents a share. In lowering the estimates, Deutsche Bank analysts said, "We find the risk/reward in Cablevision unattractive given the large premium in the stock and uncertainty over a deal happening."
However, the analysts maintained the hold recommendation on the stock and a $21 price target. Deutsche Bank also went as far as bumping up its 2015 earnings estimates to 78 cents a share from 71 cents a share. That decision was based on analysts believing Cablevision's subscriber metrics during the second quarter will benefit from trouble its rival Verizon Communications (VZ) - Get Report is experiencing with its programmers around its custom TV bundles.
Sprint soared 5.8% to end the session at $4.86, on a day when the broader markets were down across the board.
The telecom carrier received a boost, following Softbank making its second investment for the month, according to a Bloombergreport.
Softbank reportedly invested $73 million into Sprint, a move that shortly followed Softbank's $87 million investment in Sprint last week, according to Bloomberg. This most recent investment pushes Softbank's investment in Sprint to more than 80%, according to the report.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.