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Technology Stocks : Sirius Satellite Radio (SIRI)
SIRI 20.81-0.8%Jan 13 3:59 PM EST
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To: UUplink who wrote (137)12/1/2000 2:00:29 PM
From: MikeM54321  Read Replies (1) of 8420
 
Thread- Gee you would have thought this downgrade should have happened on the eve of the first launch. So the analysts waits until the third bird is up and now downgrades? Wonder how much he gets paid for that advice(and from whom<g>). Of course what he says is accurate. It's a new concept and that risk was there from day one. -MikeM(From Florida)

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Sirius Shares Fall After Downgrade; Will Get $150 Mln Loan

New York, Dec. 1 (Bloomberg) -- Sirius Satellite Radio Inc. shares fell as much as 15 percent after Salomon Smith Barney analyst John Coates cut his rating on the satellite-radio broadcaster.

The company said separately it will get a $150 million bank loan from Lehman Brothers Inc. in January, giving Sirius enough cash to operate through the fourth quarter of next year.

Shares of Sirius fell $2.38 to $29.75 in midday trading after Coates downgraded the stock to ''neutral'' from ''outperform.'' Earlier, they touched $27.31.

Coates said New York-based Sirius is no longer just selling a concept, and must jump several hurdles before fulfilling its promises. Risks include technology problems, receiver and chipset availability and attracting customers during tough economic times.
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