Comcast (CMCSA) reported before the opening on July 27, hitting their numbers and reaffirming guidance. But a loss of basic cable subscribers rattled investors, and the stock closed down $1.33 that day, and it's lost almost another buck since then.

First, the numbers: Revenues were up 30.5% from last year to $7.71 billion and earnings came in at 19 cents a share, both on target. Guidance remains the same: 2007 revenue growth at least 11%, capital spending $5.7 billion and cable cash flow growth north of 14%.

The company added 670,000 subscribers for its Internet phone service, 2.1 million digital cable boxes and 823,000 new digital cable subscribers -- a very strong number. About 59% of subscribers now get digital video service. Comcast added 330,000 new broadband subscribers, and more than 26% of the video customers also get their cable modem service.

The only soft spots were that basic cable subscribers were down 95,000 in the quarter, and the company did not raise guidance in spite of the strong digital subscriber additions. Comcast said that they expected the decline in basic cable, but it was at the high end of Wall Street expectations. As for the guidance, I think that they are just sandbagging.