Broadband Stocks Drop as Obama Urges Tougher Web Rules
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Comcast Corp. and Time Warner Cable Inc. tumbled after President Barack Obama called for stricter rules to protect the open Internet, raising concerns that Web-access providers will face tougher regulations for how they set prices and deliver service.
Time Warner Cable shares fell as much as 7.2 percent, the biggest intraday decline since August 2013. They were down 3.4 percent at 10:35 a.m. New York time. Comcast dropped as much as 6.1 percent for the largest intraday fall since August 2011, before recovering to a 3.4 percent decline.