Goldman Sachs has been negative on Sirius Satellite Radio Holdings Inc. (NASDAQ: SIRI) and on XM Satellite Radio Holdings inc. (NASDAQ: XMSR) on a basis that is with or without the companies merging together. Today’s call is whacking these shares.
The firm has slashed its 6-month price targets for XMSR to $6.50 from $11.50 and on SIRI shares to $1.75 from a prior $2.25 target.
Goldman Sachs has reiterated its SELL ratings and CONVICTION SELL LIST on both stocks and is cutting its 2009 estimates for the company. On Sirius, the firm has a loss expectation of -$0.36 for 2008, but for 2009 it cut estimates from -$0.25 EPS down to -$0.26 EPS. On Xm it has -$1.75 EPS for 2008, but for 2009 it has widened its estimates to -$1.26 EPS from -$1.20 EPS.
Shares are getting hit on this news today. In pre-market trading Sirius shares are down some 7% at $2.26, and that is going to be a 52-week low under the prior $2.36 low. XM shares are down some 8% pre-market at $9.55, which is also under the $98.62 lows over the last year.
Jon C. Ogg
June 19, 2008
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
