Sirius, for example, recently reported fourth quarter revenue of just $5 million, a net loss of $148 million, and market capitalization of a whopping $3 billion. Shares of Sirius are off 30 percent since January 5, closing at $2.90 per share Monday, but up 50 percent from November 25. Sirius added 111,449 subscribers in the fourth quarter, a 75-percent bump from the third quarter, but at a high cost in the form of rebates. Analysts say the radio stocks have been the target of speculative investing. Anyone recall eToys. com?
XM has 1.36 million subscribers and projects doubling that in 2004. Of the 140 million shares of XM that float, 40 million are short. That's large enough to make it so that the stock overreacts to the upside on any good news. It's a similar picture for Sirius.
XM shares are up 14 percent since early November, off 11 percent from two weeks ago, but up about 500 percent from its one-year low.
Wall Street expects XM this year to post a loss before interest, taxes, depreciation, and amortization of $250 million on revenue of $259 million; at Sirius, analysts see negative earnings before interest, taxes depreciation and amortization of $313 million on $72 million in revenue. —Jim Burt
FROM THE SOURCE headlines from the latest press releases
Vehicle scrappage rates declined 9.1 percent in 2003, according to R. L. Polk & Co. The number of passenger cars scrapped in 2003 was down 6.1 percent while light trucks experienced a 12.7 percent decrease. Both numbers were factors in driving the scrappage rate down for all vehicles, a trend since 1970. "Cars and light trucks are becoming more durable," said Mike Gingell, vice president of Polk's aftermarket team. "Although the scrappage rate for all trucks increased, the scrappage rate for light trucks stands at 6.0 percent, which is the lowest scrappage rate since Polk's light truck report was introduced in 2000. While we saw a significant increase in scrappage rates for the heavier trucks, the overall percentage was driven down by cars and light trucks."
The bright, open atmosphere that greets visitors of the Walter P. Chrysler Museum in Auburn Hills, Mich. now welcomes virtual visitors through the Museum's newly redesigned web site at https://www.chryslerheritage.com/homepage.do;jsessionid=1418170DD1F537F1ECAAE5CB520164AF. The site greets visitors with continuously revolving panoramic views of the Museum's first and second levels highlighting concept and production vehicles from the 1900s - 1990s. The home page also features graphic links to the Museum's special exhibits and events, current and past issues of its award-winning four-color Forward magazine and its popular gift shop, brimming with exclusive and hard-to-find collectibles and souvenirs.
|AMER AXLE & MANU||AXL||40.84||-0.06|
|BALLARD PWR SYS||BLDP||11.50||+0.01|
|DURA AUTO SYS||DRRA||14.09||-0.28|
|FORD MOTOR CO||F||14.16||-0.12|
|HONDA MOTOR CO||HMC||20.98||-0.32|
|SIRIUS SAT RADI||SIRI||2.90||+0.10|
|UNIT AUTO GRP||UAG||30.60||+1.51|
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