Time Warner Cable Plunges After Obama Pushes for Net Neutrality

After President Barack Obama called for the Federal Communications Commission to protect net neutrality, shares of Time Warner Cable (TWC) plunged on Monday, making it TheStreet's Move of the Day. Earlier today, Obama urged the FCC to create a new set of rules to ensure that phone and cable companies will not be able to act as gatekeepers. Net neutrality refers to the principle that all online data should be treated equally without discriminating or charging different costs by user, platform, or mode of communication. President Obama outlined rules including no blocking of content, and increased transparency between consumers and Internet service providers. Shares of other cable companies also fell in Monday's trading session, including Comcast Corp. (CMCSA) and Cablevision Systems Corp. (CVC). Shares of Time Warner Cable closed lower on nearly four times its normal trading volume.