Why Comcast Stock Is Down More Than 6% on Friday
Comcast (NASDAQ: CMCSA) shares are down 6.6% as of 11:24 a.m. ET Friday, according to data from S&P Global Market Intelligence, following a disappointing Q2 earnings report that prompted several analyst downgrades.
Equity research outfits JPMorgan, Macquarie, and Wolfe helped fuel Friday's stumble. Each downgraded the telecom and entertainment giant today, while a handful of analysts lowered their price targets on the stock without necessarily changing their official buy/sell stance.
Of course, it's difficult to blame any of these research teams for their actions. The company's second-quarter report showed a loss of more than half of a million cable TV customers, no significant additions of broadband subscribers, and no meaningful growth in the number of consumers paying for access to Peacock, Comcast's streaming service. While its cable television attrition is nothing new, it's the first time the company has failed to add broadband customers since it launched high-speed internet service, according to The Wall Street Journal.
Source Fool.com
