Comcast: Not Comcastic
Comcast (CMCSA) announced yesterday after the close that 2007 results would come in slightly below previous guidance (Press Release) and shares are getting crushed today.
It’s been a tough year for Comcast. After being one of the most loved stocks last year, surging more than 70% from around $17.50 to over $30 from April 2006 to January 2007, shares have given back almost all of those gains at the current price around $18.50 (CMCSA 2 Year Chart).
At almost 30% below its 200 day moving averages, one wonders whether Comcast is starting to offer good value at these levels.
After all, even in a recession do you really think Americans are going to cancel their cable? Give me a break: what would they do???