The Satellite News Financial Ticker

By | April 12, 2004 | Feature

Week of April 2 – 8, 2004
Percentage Change
Operators
Symbol
April 8 Price
One Week
One Month
Three Month
Year to Date
APT SATELLITE HLDGS ATS
1.96
(1.5)
(19.7)
(31.0)
(17.6)
ASIASAT TELECOM SAT
18.00
0.6
(11.1)
(16.5)
(5.2)
BRITISH SKY BROADCASTING BSY
50.53
(0.9)
(6.4)
(7.3)
(0.8)
ECHOSTAR COMM -CL A DISH
33.08
1.0
(4.3)
(7.6)
(2.7)
THE DIRECTV GROUP DTV
16.27
5.8
(1.7)
0.4
(1.7)
LORAL SPACE & COMM LOR
0.56
(5.1)
(30.0)
80.6
77.8
NEWS CORP NWS
38.10
5.9
1.2
4.7
5.5
NEW SKIES SATELLITES NSK
7.00
4.8
5.6
(5.3)
(2.2)
PANAMSAT SPOT
24.51
0.1
3.0
17.6
13.7
PASIFIK SATELIT NUSANTARA PSNRY
0.15
7.1
(40.0)
(21.1)
200.0
PEGASUS COMMUNICATIONS PGTV
34.89
(8.9)
(14.9)
13.9
24.3
SES GLOBAL SESF.LU
7.00
(4.1)
(4.6)
(10.3)
(12.5)
SIRIUS SATELLITE RADIO SIRI
3.84
12.9
25.9
21.1
21.5
XM SATELLITE RADIO XMSR
29.60
6.0
13.1
9.2
12.6
Operators’ Average
100.00
1.7
(6.0)
3.5
22.3
Manufacturers
ANDREW ANDW
20.77
18.7
11.4
57.3
79.2
BALL BLL
69.92
3.2
5.7
20.6
17.4
BOEING BA
41.35
0.7
(3.2)
(2.2)
(1.9)
COM DEV INTL *CDV
2.75
3.8
1.9
(9.2)
(4.5)
EMS TECHNOLOGIES ELMG
21.75
13.5
0.4
(4.6)
5.9
GARMIN GRMN
42.57
(0.3)
(7.5)
(25.8)
(21.9)
GILAT SAT NETWORKS GILTF
8.85
(0.2)
14.2
56.1
81.0
GLOBECOM GCOM
5.44
(2.9)
(15.0)
13.6
14.5
HARRIS HRS
50.20
3.7
6.2
29.7
32.3
HONEYWELL HON
34.66
2.4
(0.9)
2.8
3.7
KVH KVHI
14.33
(0.6)
(10.9)
(33.3)
(48.0)
LOCKHEED MARTIN LMT
47.54
4.2
5.5
(5.1)
(7.5)
LUCENT TECHNOLOGIES LU
4.45
8.3
8.5
26.8
56.7
MOTOROLA MOT
18.15
3.1
0.4
20.5
29.6
ORBITAL SCIENCES ORB
12.88
2.8
2.0
3.2
7.2
QUALCOMM QCOM
67.38
1.6
5.5
20.8
24.9
RAYTHEON RTN
31.88
1.7
1.1
5.7
6.1
ROCKWELL COLLINS COL
32.24
2.0
(0.4)
8.2
7.4
SCIENTIFIC-ATLANTA SFA
34.15
5.6
0.1
13.9
25.1
SKY FRAMES SKYU
0.10
9,900.0
TITAN TTN
19.55
(3.2)
(6.6)
(10.2)
(10.4)
TRIMBLE NAVIGATION TRMB
24.17
5.2
3.1
(7.0)
(2.6)
VIASAT VSAT
25.74
3.5
(10.3)
17.7
34.5
Manufacturers’ Average
100.00
3.3
0.5
439.1
14.3
Nasdaq Composite Index
Nasdaq comp
2,052.88
2.9
0.3
(1.2)
2.5
SP 500 sp50
1,139.33
1.2
(1.5)
1.2
2.5
SN Stock Price Average
100.00
2.7
(2.0)
274.3
17.3

Wall Street Analysis

By Paul Dykewicz, PBI Media LLC

EchoStar Communications [DISH] has been a favorite stock pick of Wall Street satellite analysts for a number of years but the love-fest is starting to cool.

Rival DirecTV [DTV], now owned by News Corp [NWS], has been showing renewed strength in generating new subscribers and boosting the revenue that each one provides to the company. During the past year, EchoStar has hurt its own sales with hardware- distribution issues, it has run afoul of the Securities and Exchange Commission (SEC) due to an accounting glitch, and it turned off Viacom-owned [VIA] CBS affiliates and cable programming for two days as part of a dispute involving programming-rights fees.

Thomas Eagan, a satellite and cable analyst at Oppenheimer, has a “neutral” rating on EchoStar. Last Thursday, he reiterated his position despite a nearly 20-percent drop in the U.S. satellite TV company’s stock price during the past six weeks. Eagan expects “lackluster” EchoStar first quarter results. Further trouble is ahead if Congress approves language in the Satellite Home Viewer Improvement Act (SHVIA) reauthorization that hurts EchoStar but not DirecTV, he added.

In addition, EchoStar’s recent battle over programming-rights fees with Viacom may recur with Time Warner’s [TWX] Turner networks, including CNN, Headline News, TCM and other popular channels, Eagan explained. A turnoff of Turner channels would hurt EchoStar’s second-quarter results. One reason is that subscribers may drop the EchoStar service altogether, Eagan explained in a research note. He estimated EchoStar likely lost 10,000 subscribers more than usual during the first quarter due to its inability to offer Viacom channels for two days during a programming-rights conflict. EchoStar’s decision to give its customers a $1 credit for the month when the Viacom fight occurred hurts the subscription service’s average revenue per user (ARPU) for the first quarter, Eagan added.

EchoStar’s battles with programmers may be the company’s attempt to disrupt current trends that favor DirecTV, Eagan said. If EchoStar persists in shutting down channels in tiffs about programming fees, the company’s prospects will dim further.

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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