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Comcast (CMCSA) Stock Gains on Stock Reclassification

NEW YORK (TheStreet) -- Comcast Corp. (CMCSA - Get Report) stock is up 0.42% to $62.24 in midday trading after the company's board approved plans to reclassify each share of the class A special common stock (CMCSK) into one share of the class A common stock, which trades under the ticker CMCSA.

The board "believes that the reclassification will benefit Comcast's shareholders by, among other things, eliminating investor confusion caused by having two classes of publicly traded stock and improving the trading liquidity of Comcast's publicly traded stock," the company said in a statement.

The plan is subject to shareholder approval at a special meeting that has not been scheduled.

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Comcast will release its financial results for the third quarter of 2015 on Tuesday before the market open.

Analysts have estimated earnings will fall to 80 cents per share for the latest quarter from 99 cents per share for the 2014 third quarter, while...


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