Charter Communications dipped from 98 1/8 to the 96 1/2 range by the end of last week in response fourth quarter profit losses. Last Tuesday, $5 million changed hands at the 98 level before the announcement. No trades were reported at the end of the week, but dealers still believe the name has upside. Some market players think positive 2002 projections should keep the name strong. Rising operational cash flow was one of the positive indicators noted by dealers. Calls to officials at Charter were not returned by press time.
Charter has been trading down from the 99 range since competitor Adelphia Communications was upgraded byMoody's Investors Service at the end of January. At that time Charter traded down to 98 7/8 (LMW 1/02).