Why Charter Communications Stock Was Soaring This Week
Week to date, shares of Charter Communications (NASDAQ: CHTR) were up 12.6% as of 12:44 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence.
Charter shares got a boost earlier this week when the Biden administration said it would allocate $42 billion toward the goal of ensuring that everyone in the U.S. has access to affordable high-speed internet access by 2030. Shares of were also rising after the announcement.
The Broadband Equity Access and Deployment Program potentially could be very lucrative for Charter. Texas and California topped the list in terms of the amounts of funding they'll receive, but the program will do a great deal to spread broadband internet access to rural areas across the country where connectivity is lagging. That's consistent with Charter's current growth strategy.
Source Fool.com
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