Cable bucked the market’s downward trend last week, but couldn’t keep up the pace Wed. The Dow posted its largest 1-day decline since Mar ’03, while the Nasdaq dropped 1.5%. Charter closed down 4.2% Wed, Cablevision shares fell 3.7%, Comcast shares slipped 1.2% and Time Warner was down 0.5%. Despite Wed’s losses, Comcast, Cablevision and Time Warner’s share prices are still above their close at the start of 1Q reporting season. Mediacom was the only major MSO to post an increase Wed, inching up nearly 0.5%. — XM shares dropped 6% Wed, a day after the music industry filed a lawsuit alleging the satellite radio’s MP3 players infringe on its copyright. Craig Moffett suggested that the stock could "continue to pull back over the next several days as the market wrestles with the liability associated with the lawsuit." Moffett maintained a ‘buy’ rating on the company. — S&P kept Liberty on CreditWatch with negative implications, reflecting "uncertainty surrounding Liberty’s longer-term plan regarding its Liberty Capital and Liberty Interactive tracking stocks, which may or may not lead to a spin-off," analyst Andy Liu says.