Comcast Tops U.S. Media Stocks by Appealing to Europhobic

Comcast Corp. and Time Warner Cable Inc. have soared to the top of S&P 500 media index this year, defying predictions of cable’s downfall, thanks in part to one big selling point: They don’t do business in Europe.

The two largest U.S. cable companies appeal to investors who want to avoid the fallout from Europe’s debt crisis and currency fluctuations, said Craig Moffett, an analyst at Sanford C. Bernstein & Co. Comcast has gained 44 percent this year and Time Warner Cable shares have climbed 41 percent, outpacing their media peers and the S&P 500, which is up 13 percent.