The Satellite News Financial Ticker

By | March 15, 2004 | Feature

Week of March 4 – 11, 2004
Percentage Change
Symbol
March 11 Price
One Week
One Month
Three Month
Year to Date
Operators
APT SATELLITE HLDGS ATS
2.10
(13.6)
(17.3)
(20.8)
(11.8)
ASIASAT TELECOM SAT
19.30
(5.9)
0.8
8.1
1.7
BRITISH SKY BROADCASTING BSY
52.29
(2.4)
(9.6)
11.5
2.7
ECHOSTAR COMM -CL A DISH
35.35
(0.4)
(6.2)
12.2
4.0
HUGHES ELEC (GM -CL H) GMH
15.50
(7.7)
(12.3)
(1.0)
(6.3)
LORAL SPACE & COMM LOR
0.65
(22.6)
(23.5)
103.1
106.3
NEWS CORP NWS
35.42
(5.1)
(6.0)
5.9
(1.9)
NEW SKIES SATELLITES NSK
6.43
(2.4)
(8.1)
(10.1)
(10.2)
PANAMSAT SPOT
23.04
(0.9)
1.3
7.0
6.9
PASIFIK SATELIT NUSANTARA PSNRY
0.25
25.0
108.3
47.1
400.0
PEGASUS COMMUNICATIONS PGTV
35.31
(9.1)
26.1
89.7
25.7
SES GLOBAL SESF.LU
7.25
(2.2)
(9.3)
(8.7)
(9.4)
SIRIUS SATELLITE RADIO SIRI
2.87
(3.0)
(5.0)
35.4
(9.2)
XM SATELLITE RADIO XMSR
25.00
(1.7)
9.0
11.3
(4.9)
Operators’ Average
100.00
(3.7)
3.4
20.8
35.3
Manufacturers
ANDREW ANDW
16.73
(9.1)
(5.3)
66.5
44.3
BALL BLL
65.19
0.3
0.9
13.2
9.4
BOEING BA
40.15
(6.8)
(8.3)
3.3
(4.7)
COM DEV INTL *CDV
2.40
(15.8)
(17.2)
(23.8)
(16.7)
EMS TECHNOLOGIES ELMG
16.47
(25.4)
(28.7)
(16.4)
(19.8)
GARMIN GRMN
40.98
(11.7)
(21.3)
(20.1)
(24.8)
GILAT SAT NETWORKS GILTF
7.56
(2.1)
2.2
63.6
54.6
GLOBECOM GCOM
5.98
(9.9)
(7.0)
(5.2)
25.9
HARRIS HRS
44.41
(6.0)
(10.9)
19.1
17.0
HONEYWELL HON
32.44
(7.5)
(8.9)
7.1
(3.0)
KVH KVHI
15.02
(8.4)
(24.9)
(49.2)
(45.5)
LOCKHEED MARTIN LMT
44.63
(1.4)
(9.3)
(7.8)
(13.2)
LUCENT TECHNOLOGIES LU
3.82
(6.4)
(12.2)
36.9
34.5
MOTOROLA MOT
16.65
(9.2)
(1.7)
32.7
18.9
ORBITAL SCIENCES ORB
12.00
(3.5)
(11.8)
11.5
(0.2)
QUALCOMM QCOM
61.78
0.0
6.4
26.7
14.6
RAYTHEON RTN
30.10
(4.6)
(2.3)
5.5
0.2
ROCKWELL COLLINS COL
29.96
(6.7)
(9.0)
11.4
(0.2)
SCIENTIFIC-ATLANTA SFA
30.85
(7.6)
(9.1)
17.7
13.0
SKY FRAMES SKYU
0.10
900.0
TITAN TTN
19.44
(8.4)
(10.7)
(10.2)
(10.9)
TRIMBLE NAVIGATION TRMB
20.90
(8.9)
(14.4)
6.6
(15.8)
VIASAT VSAT
25.28
(7.3)
(0.9)
37.5
32.1
Manufacturers’ Average
100.00
(7.2)
30.2
9.8
4.8
Nasdaq Composite Index
Nasdaq comp
1,943.89
(4.4)
(6.3)
2.1
(3.0)
SP 500 sp50
1,106.79
(3.8)
(3.4)
4.5
(0.5)
SN Stock Price Average
100.00
(5.9)
20.1
14.0
16.3

 

Wall Street Analysis

By Paul Dykewicz, PBI Media LLC

EchoStar Communications [DISH] exhibited resiliency last week when its stock price stayed up despite announcing that the Securities and Exchange Commission (SEC) found accounting problems at the company that likely would require a restatement of its 2001 financial results.

Wall Street analysts voiced little concern about the accounting issues, and they generally reacted favorably to news that EchoStar had settled its programming dispute with Viacom [VIA]. That conflict left an estimated 1.6 million EchoStar subscribers in 16 U.S. markets without their CBS signals for two days. Also lost for two days nationwide to all 9.5 million EchoStar subscribers were 10 Viacom cable channels.

Investors seemed unfazed about the mixed news from EchoStar by bidding up its stock price Thursday when the accounting problems were disclosed. The stock closed at $35.35, up $1.23 a share from the closing price Wednesday. Even more significant is that it occurred on a day when almost all the markets fell. EchoStar’s stock only slipped slightly in price at presstime, to $35.27, down .23 percent from Thursday’s close.

Tom Eagan, a satellite and cable analyst at Oppenheimer, issued a research note late Thursday that suggested EchoStar was “managing expectations” well. Eagan also noted EchoStar’s release of 4Q03 subscriber growth numbers Thursday only beat Wall Street consensus estimates because the company had lowered expectations and earlier subscriber projections by talking about “equipment availability” issues during a previous conference call. He continues to give the stock a “neutral” rating.

Bob Peck, a satellite analyst with Bear Stearns, maintained his “outperform” rating on EchoStar in his positive research note about the company Friday. His view is that accounting restatement would be “immaterial;” that the subscriber churn from the two-day shutdown of Viacom programming would be minimal; and that fourth-quarter subscriber growth of 340,000 suggests the company’s fundamentals remain strong. Peck added EchoStar beat his forecast of 320,000 net new subscribers in the fourth quarter as well as consensus projections of 315,000 new subscribers.

EchoStar still seems to have the magic touch but it merits close scrutiny.

Paul Dykewicz is senior editor and senior analyst of Satellite News. He can be reached at 301/354-1769 or at pdykewicz@pbimedia.com.

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