The markets are in panic mode, so we shouldn’t be surprised that an “old school” company like Comcast Corporation (NASDAQ:CMCSA) is down in the dumps. Still, the volatility’s severity is shocking. Year-to-date, Comcast stock has dropped 17.6%. In this month alone, the broadcasting and cable television company has lost nearly 9%.

Severity aside, that the Comcast stock price declined isn’t much of a surprise. Since late January of this year, the company has struggled to gain traction in the markets. The pending merger between AT&T Inc. (NYSE:T) and Time Warner Inc (NYSE:TWX) has dampened enthusiasm in the media content sector.

Theoretically, under a completed merger, AT&T could use its clout to deny programming rights to distribution competitors.

To be fair, our own Lawrence Meyers believes that logic is total bunk. In his view, AT&T would lose out on lucrative deals if it did go that route. Still, that possibility does exist, which would hurt Comcast stock.

However, the most immediate ugliness stems from last month’s announcement that Comcast was bidding for Sky Plc (OTCMKTS:SKYAY). At the time, analysts were concerned about the company stretching itself too thin to acquire Sky. After the CMCSA stock price hemorrhaged 16% since Feb. 26, those fears have been confirmed.

My InvestorPlace colleague Will Ashworth believes Comcast should back out of its Comcast should back out of its $31 billion offer offer should a bidding war ensue. Such massive deals are too complicated, too expensive, and take an indefinite time to complete. Instead, Comcast should focus on smaller, straightforward acquisitions.

I agree. However, I’m not the one making the decisions. From an investment perspective, I find that Comcast stock is in desperate waters no matter what management does.

A Sea of Troubles for Comcast stock

At the worst possible time, the media giant has lost two technology executives in approximately a one-year period. Chris Satchell, an executive vice president, has abruptly left the company. In early 2017, former chief technology officer Sree Kotay left Comcast for personal reasons.

Satchell’s loss hurts because the organization needs answers amid the changing landscape in media and entertainment. Formerly Microsoft Corporation’s (NASDAQ:MSFT) chief technology officer, Comcast hired Satchell to ramp-up the its consumer products lineup. Now, it must adopt a back-up plan while still dealing with an equity freefall.

But even here, I don’t think the company can do much more than mitigate damages. Wall Street isn’t liking this disarrayed look, and therefore, it’s punishing Comcast. But the reason for the company’s failures has been a long time coming, and it has nothing to do with mergers or key executives leaving.

As I mentioned late last year, the telecom firm has a demographics problem. The millennials are the last generation to have any memory of traditional media. Moving forward, the next generation that we’ll all be complaining about, Gen Z, will have no recollection of the “cord.” Thus, cutting the cord is a bit of an oxymoron.

The worst part is that even older generations can see the value proposition in walking away from traditional media. Say what you want about Netflix, Inc. (NASDAQ:NFLX) raising its subscription prices; it’s still way cheaper than buying a cable or satellite TV subscription.

Comcast Stock Will Hit More Branches in the Ugly Tree

Ultimately, it doesn’t really matter why the CMCSA stock price is falling; only that it is, and it’s only going to get worse before it (maybe) gets better.

between late-November 2017 to late-February 2018, shares formed a bearish head-and-shoulders pattern. Misguided bulls attempted to push Comcast higher during the first half of this month, but failed badly. Now, shares are the proverbial “falling knife.”

I’ve said before that I’m not a great athlete, let alone an expert knife-catcher. Plus, I’m a cryptocurrency investor, so I’ve already seen more than my fair share of randomly-flying sharp objects. But you don’t have to be an expert to discern the ugliness in the CMCSA stock chart.

Realistically speaking, shares currently occupy an area of weak technical support. Moreover, it already cratered through multiple support lines. With unfavorable headlines and poor fundamentals, I expect Comcast stock to fall to at least $30 before stabilizing.

As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities.