Cablevision Systems Corp. (CVC:US), the fifth- largest U.S. cable provider by subscribers, declined the most in two months after its cash flow decreased more than some analysts estimated.
Cablevision’s adjusted operating cash flow fell 7.6 percent to $513.5 million, a larger drop than analysts such as David Joyce at Miller Tabak & Co. projected. Joyce cut his rating for Cablevision to neutral from a buy recommendation following the company’s quarterly earnings report.
The shares declined as much as 7.4 percent to $13.2 at 9:47 a.m. in New York, the biggest one-day drop since Feb. 28.
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