Satellite Stocks Witness Tough Few Days

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Satellite Stocks Witness Tough Few Days
SkyReport - Friday, June 20, 2008

It has been a rough week for a number of satellite stocks.

On Thursday, shares in XM and Sirius took a dive after a Goldman Sachs analyst cut the firm's six-month price target on the satellite radio stocks. The price target for Sirius was dropped from $2.25 to $1.75 while the firm took its XM share projection from $11.50 to $6.50.

At the end of trading Thursday, XM shares had fallen by more than 17 percent, to $8.61. Sirius shares fell more than 12 percent to $2.13.

Also, shares in DISH Network closed down for a second day Thursday, yet only slightly, by about 2 cents, to $30.85. On Wednesday, DISH shares slid more than 6 percent. The tumbles occurred after news surfaced that AT&T asked DISH to buy back a $500 million stake that SBC acquired in the DBS company in 2003, prior to SBC becoming part of AT&T.
 

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