Home
 
Web 24x7 Updates
Editor's Note
 

Sirius Shares Slip on JPMorgan Downgrade
E-Mail this story Print this story
            Nov 25, 2004 18:48 IST  
Shares of Sirius Satellite Radio Inc., whose shares have doubled over the past month, on Wednesday fell 8 percent after a JPMorgan analyst said that a further rally would make the stock expensive relative to its growth potential.

Shares of Sirius Satellite Radio Inc., whose shares have doubled over the past month, on Wednesday fell 8 percent after a JPMorgan analyst said that a further rally would make the stock expensive relative to its growth potential.
  We believe Sirius is now much closer to reflecting the near-term rapid growth opportunity we foresee, prompting us to take profits, said Barton Crockett, an analyst at J.P. Morgan, who downgraded the stock to neutral from overweight.


Shares of Sirius, the No. 2 U.S. satellite radio service, have soared in recent weeks after it lured ribald radio host Howard Stern from Viacom Inc and reunited him with their new chief executive officer Mel Karmazin, the former president of Viacom.

Karmazin, lauded on Wall Street as a gifted salesman, is a radio industry veteran, who left Viacom over differences with its CEO and chairman Sumner Redstone.

Backed by a radio industry pro, Sirius is making a run at larger rival XM Satellite Radio, with high hopes that top draw talent like Stern and a contract with the National Football League will help lift its fortunes.

JPMorgan expects Sirius to narrow the gap between it and XM. By 2010, J.P. Morgan said Sirius could have a 44 percent market share, up from an expected 24 percent at the end of this year.

Sirius expects to end 2004 with 1 million subscribers. XM expects to have 3.1 million subscribers at the end of 2004.

We continue to see substantial opportunity in the satellite radio sector, but now believe the better risk/reward is at XM, which has more subs(cribers) and we believe a faster turn to free cash flow profits and a one-year technology lead, Crockett said in the note.

Sirius shares fell 54 cents to $6.17 on the Nasdaq in early trading.
More Stories
Almodovar’s ’Education’ Gets NC-17 Grade   - Nov 25, 2004 16:41 IST
Oscar-winning director Pedro Almodovar’s latest film, Bad Education, will carry an NC-17 rating, a commercially damaging tag which means that no one aged 17 and under will be admitted.
Almodovar’s film, which delves into the issue of priestly sexual abuse within the context of a homoerotic film noir, was released Friday in New York via Sony Pictures Classics. It opens Dec. 10 in Los Angeles.


Film Studios Win $24 Million Against Web Site   - Nov 25, 2004 16:41 IST
Hollywood’s major movie studios said they won a $23.8 million judgment against a California company and its Malaysian owner for operating a Web site that charged customers to download illegally copied movies.
  The company, MasterSurf Inc, is owned by Tan Soo Leong, and it operated a site called Film88.com, according to a statement by the Motion Picture Association of America, which represents the studios in governmental and industry matters.


Sony Pictures Sets Up Operation in China   - Nov 25, 2004 16:23 IST
Sony Pictures has set up a joint venture television and film co-production unit in China, taking advantage of a loosening of restrictions on the tightly controlled industry.
  The joint venture with Hua Long Film Digital Production Co. of the state-run China Film Group, which holds a majority stake, has full approval from Chinese regulators, Sony Pictures Television International said in a statement Thursday.


Conrad Sentenced to House Arrest   - Nov 25, 2004 16:22 IST
Former Wild Wild West star Robert Conrad will pay a price for his wild, wild ride.
The aging action hero has been sentenced to six months of house arrest, five year’s probation and alcohol counseling for a 2003 DUI accident.


Beatles’ Guitar, Cobain Letter Up for Auction   - Nov 25, 2004 16:17 IST
Rock ’n’ roll fans with deep pockets can buy a Beatles guitar or a mugshot of the pop star formerly known as Cat Stevens at what Christie’s said on Wednesday was its biggest auction of show business memorabilia.
  The Gibson SG electric guitar, played by George Harrison from 1966-1969, is the star attraction among over 400 lots, ranging from Britney Spears’ book report to a handwritten 1991 letter from the late Kurt Cobain to Courtney Love.


Critics Blast ’Alexander’ But Novelist Defends It   - Nov 25, 2004 16:16 IST
While critics savaged Oliver Stone’s long-waited epic Alexander, novelist and social activist Gore Vidal rallied to the $160 million movie’s defense saying it was barrier-breaking because of its frank depiction of bisexuality.
Stone’s film opened on Wednesday to near universal pans from critics who called it everything from a noble failure to an indifferent epic.


Police praise ’courageous’ Ozzy   - Nov 25, 2004 16:2 IST
The singer grabbed an intruder who then jumped 30ft (10m) from a first floor window as the star gave chase at his Buckinghamshire home on Monday.

McCartney backs UK conservation   - Nov 25, 2004 16:1 IST
The awards set out to honour excellence and innovation in preserving the UK’s cultural heritage.
Sir Paul, 62, agreed to fund the awards after meeting 2002 winner Ian Clark and hailed conservationists’ work.


Elderly ’need digital TV funds’   - Nov 25, 2004 15:58 IST
The Ofcom Consumer Panel is advising the government on how to make sure the vulnerable are not left behind when the switch-off happens, probably in 2012.
The UK government may have to spend £250m-400m to make sure those groups can still receive TV, its report said.


UK sweep up at global Emmy Awards   - Nov 25, 2004 15:32 IST
Channel 4 won three prizes - for Brat Camp, The Boy Whose Skin Fell Off and children’s tale, The Illustrated Mum.

Glastonbury mulls ID card tickets   - Nov 25, 2004 15:20 IST
The black market trade has flourished with recent huge demand for tickets.

US actor fined over Oscars piracy   - Nov 25, 2004 15:19 IST
Mr Caridi, 70, who had small parts in two Godfather films, was sued for sending videos of The Last Samurai and Mystic River to another man.

Label withdraws McFadden’s video   - Nov 25, 2004 15:16 IST
St Fintian’s High School says it is clearly identified in the video, while McFadden never went there.

Potter director signs Warner deal   - Nov 25, 2004 15:15 IST
The Mexican film-maker, who directed Harry Potter and the Prisoner of Azkaban, will produce mainstream movies and smaller Spanish-language films.

US Super Bowl opts for McCartney   - Nov 25, 2004 15:14 IST
Organisers have promised there will be no repeat of her nipple-baring incident that sparked thousands of complaints on US TV’s most-watched broadcast.
A National Football League spokesman said they were comfortable this show would be acceptable to a mass audience.


Jermaine Jackson to divorce wife   - Nov 25, 2004 15:9 IST
The older brother of Michael Jackson petitioned the Superior Court, asking that the couple’s children, Jaafar and Jermajesty, live with their mother.

Stars turn out for rare Waits gig   - Nov 25, 2004 15:7 IST
The gravel-voiced US singer played at the Hammersmith Apollo in London on Tuesday in front of a sell-out crowd.

Blake jury given evidence warning   - Nov 25, 2004 15:1 IST
They were warned by Deputy District Attorney Shellie Samuels that there is no DNA evidence, no fingerprints and no eyewitnesses to the crime.

Playing the Touching Game   - Nov 25, 2004 15:1 IST
Think fast -- Mario’s plummeting to Earth, and there’s nothing for the poor little guy to hang onto. So you take your stylus and draw him a trampoline.

US Idol winner taken to hospital   - Nov 25, 2004 15:1 IST
The 26-year-old was in his Alabama hometown when he was taken ill, a spokeswoman for his record label said.


Trusted Consumer Reviews

www.trustsquare.com

©2004: 24x7updates.com. All rights reserved throughout the world.

GenX Campus - Meet, Share & Help fellow Students

Visit Live Punjab for breaking news from Punjab, and Punjabi Community around the world.

Web Hosting India

XBox 360 Cheats, Hints, Walkthroughs and Game Reviews

India | World | Business and Finance | Science and Technology | Software and IT
Health and Science | Sports | Entertainment and Arts