TCI stock traded at its lowest point in nearly five years
yesterday due to "jitters about the future" of the cable TV
business, according to Paul Farhi of the WASHINGTON POST.
Investors are wary about the cable business, which is
experiencing new competitors such as DBS systems and "uncertain
prospects" with new services such as digital TV and local phone
connections. TCI's "widely traded A shares closed at $11.62 1/2
a share, down $.50, the stock's lowest point since early '92.
Reports that TCI told its equipment suppliers earlier this month
to suspend shipments had "set off speculation that the company
was running low on cash." But TCI reported yesterday its
operating cash flow increased 12% during the third quarter
(WASHINGTON POST, 10/25). TCI Chair John Malone met with major
shareholders last night, declaring, "Contrary to reports you've
heard, I'm not dead." Malone said he is spending more time
"personally planning programming for the increased number of
channels TCI will have to offer" (David Lieberman, USA TODAY,
10/25).
