Cablevision's Stock Swoons on Rutledge Departure

Analysts bemoan loss of operator’s COO

The sudden resignation this week of Cablevision chief operating officer Tom Rutledge has taken a big bite out of the cable operator’s wallet.

Shares of Cablevision on Friday morning plummeted 16 percent as investors pondered a future without Rutledge, a seasoned veteran who many observers believe is the most savvy executive in the cable business.

In early trading, Cablevision shares dropped $2.18 to $11.75. Ninety minutes before the closing bell was set to ring, the stock remained down 9 percent to $12.75.

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