Charter Communications Inc. (CHTR) reported a first quarter net loss of $0.35 per share Monday morning, compared to the loss of $0.68 last year. Analysts expected a profit of $0.12.
Separately, Charter announced it has agreed with Comcast Corp. (CMCSA,CMCSK) to acquire about 1.4 million existing subscribers of Time Warner Cable Inc. (TWC) following the proposed Comcast-Time Warner Cable merger. Also, Comcast and Charter will transfer assets serving approximately 1.6 million existing Time Warner Cable customers and 1.6 million Charter customers.
Charter Communications has been rising sharply on above average volume in early trade and is now up 9.47 at $139.48. The stock is now challenging the highs of the year, trading at a 2 1/2 month high.
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