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Non-Tech : Comcast Corporation (CMCSA) -- Ignore unavailable to you. Want to Upgrade?

To: David C. Burns who wrote (67)	6/15/1999 3:42:00 PM
From: Herc	Respond to of 189

Ostensibly the reason for the strength today. But I think it is because folks realize all the cables were oversold, and their broadband potential and all those passbys (imagine the # of folks who have the cable going by their house without subscribing) make them very valuable. Especially in light of all those over testosteroned fiber optic execs lusting after that last mile connnectivity. <<NEW YORK (Dow Jones)--Cable stocks were higher Tuesday following comments made by the chairman of the Federal Communications Commission, William Kennard, suggesting that the agency, rather than local municipalities, should regulate broadband access. In a speech earlier Tuesday at the National Cable Television Association conference in Chicago, Kennard said the FCC is considering "options" for responding to a Portland, Ore., decision requiring AT&T Corp. (T) to provide open access to its cable system for Internet service providers. Kennard said while the FCC has taken a hands-off approach to broadband, allowing local regulation of the nascent industry would be detrimental to national interests. Kennard said his agency can and will set national policy on broadband. Ed Hatch, an analyst at SG Cowen, said the comments were likely behind the rise in the stocks of several cable operators, including Time Warner Inc. (TWX), which was up 7%; Comcast Corp. (CMCSA), which gained 8%; and Adelphia Communications Corp. (ADLAC), which was up 9%. "The speculation that the FCC may try to take control of the issue of cable opening up its network back to the national level rather than the local would take some of the sting out of the Portland, Ore., ruling," Hatch said. Also earlier, Merrill Lynch's influential analyst Jessica Reif Cohen reiterated her buy recommendation and $85 12-month price target on Time Warner shares in a bullish research note. "In our view Time Warner remains one of the best positioned companies to capitalize on the many emerging trends within the media industry," Reif wrote. Time Warner recently traded at 66 15/16, up 4 5/16, on volume of 1.5 million shares, about half the daily average turnover. A spokesman for the New York media company declined to comment on the stock move or Kennard's comments. Time Warner's gain made the Dow Jones Entertainment Industry Group the leading percentage gainer of the afternoon. The group, which also includes Viacom Inc. (VIA) and Disney Co. (DIS), was up 5.97% recently.>>