Comcast Drops As Trump Hints At Anti-Trust Violations

Update (1:50 pm ET): Comcast has responded to President Trump, who echoed claims made by the American Cable Association in a letter published earlier in the day on Monday.

Comcast made the statement to CNBC:

The ACA claims Comcast owns "significant must-have local programming," allowing the company to raise prices and harm consumers. The ACA cites a recently closed merger between AT&T and Time Warner - which the Trump administration is still appealing - and claims Comcast's market power is a great threat than AT&T-Time Warner.

"We believe that ACA's letter is without merit and constitutes an inappropriate attempt to gain leverage in the commercial marketplace," Comcast said in a statement to CNBC.

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With US stocks already struggling through their worst trading day of November on what many believed would be a quiet Veterans' Day, shares of Comcast briefly plunged Monday afternoon after President Trump tweeted a quote from Fox Business correspondent Charles Gasparino criticizing the giant cable conglomerate (which also happens to own NBC News and MSNBC, possibly Trump's second-least favorite cable news organization) for purported anti-Trust violations. "These guys are acting much worse, and have much more potential for damage to consumers, than anything AT&T-Time Warner would do," Trump tweeted.

Comcast slid to session lows after the tweet; they were down 2% on the day...

Comcast

...though shares quickly rebounded, erasing most of the drop.

Comcast

Notably, Trump's attack on Comcast comes as Democrats are gearing up to investigate his efforts to "punish" critical media organizations. That probe will focus on Trump's suspected involvement in pushing the DOJ to try and stop the merger of Time Warner (which owns CNN) and AT&T, as well as his attempts to push the Postmaster General to raise rates on Amazon, whose CEO and founder, Jeff Bezos, owns the Washington Post. With nothing on Trump's schedule on Monday, expect more disruptive tweets ahead.