Thursday, November 09, 2006

24/7 Wall St Comments On Sirius

Douglas McIntyre, contributor to 24/7wallst.blogspot.com, is a persistant bear on Sirius (and loyal defender of the "short brigade"). No matter how positive the news, he always has something negative to say. Here is his latest commentary posted on Thursday, November 09, 2006

Sirius Is Still A Dog

The market seemed pleasantly surprised by the Sirius quarterly report. But, it is now clear that it will be almost impossible for the company to hit its year-end subscriber targets.Sirius has 5.1 million subscribers after adding 441,000 in the third quarter. The company's year-end goal is 5.2 million.Sirius rival XM Satellite Radio has already dropped its year-end subscriber forecast and added only added only 286,000 new subsribers in Q3.But, the signal out of Wall St. is still that theses companies are in trouble, saddled by huge debts of over $1 billion each, continued losses and slowing growth in their subscriber bases.Sirius now trades at $4.12, down from its 52-week high of $7.98 and its all-time high of almost $70. The numbers speak volumes. If Q3 was a good quarter, why has the stock barely moved in the last four months of trading...read more: here