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The Satellite News Financial Ticker

By | July 14, 2003

      Week of July 7-10, 2003
      Percentage Change

      Symbol
      July 10 Price
      One Week
      One Month
      Three Month
      Year to Date
      Operators
      APT SATELLITE HLDGS ATS
      3.51
      35.5
      91.8
      190.1
      104.1
      ASIASAT TELECOM SAT
      17.25
      6.2
      8.8
      25.5
      51.4
      BRITISH SKY BROADCASTING BSY
      44.51
      (2.5)
      (1.5)
      9.4
      11.1
      ECHOSTAR COMM -CL A DISH
      36.13
      3.1
      9.4
      24.6
      62.3
      HUGHES ELEC (GM -CL H) GMH
      13.48
      1.9
      8.0
      17.4
      26.0
      LORAL SPACE & COMM LOR
      3.06
      7.7
      (12.6)
      13.3
      (28.8)
      NEWS CORP NWS
      30.53
      (1.4)
      (1.8)
      12.2
      16.3
      NEW SKIES SATELLITES NSK
      4.51
      (16.6)
      (26.1)
      2.5
      8.7
      PANAMSAT SPOT
      18.55
      0.3
      (1.1)
      24.9
      26.7
      PASIFIK SATELIT NUSANTARA PSNRY
      0.14
      64.7
      (9.7)
      (6.7)
      PEGASUS COMMUNICATIONS PGTV
      32.57
      11.2
      21.5
      82.0
      148.6
      rSTAR CORP RSTRC
      0.53
      (8.6)
      (3.6)
      43.2
      120.8
      SES GLOBAL SES.LU
      5.68
      4.2
      6.2
      11.4
      (11.3)
      SIRIUS SATELLITE RADIO SIRI
      1.82
      2.5
      (11.2)
      180.0
      184.4
      XM SATELLITE RADIO XMSR
      12.80
      (0.5)
      19.0
      107.1
      375.8
      Operators’ Average
      100.00
      2.9
      11.4
      48.9
      72.6
      Manufacturers
      ANDREW ANDW
      11.57
      14.3
      23.2
      93.8
      12.5
      BALL BLL
      44.10
      (2.5)
      (7.0)
      (21.9)
      (13.9)
      BOEING BA
      34.69
      (0.3)
      4.6
      26.2
      5.2
      COM DEV INTL CDV
      0.45
      (8.2)
      (10.0)
      5.9
      (25.0)
      EMS TECHNOLOGIES ELMG
      14.04
      1.2
      0.4
      7.2
      (9.8)
      GARMEN LTD. GRMN
      42.23
      2.8
      (12.9)
      20.5
      44.1
      GILAT SAT NETWORKS GILTF
      6.44
      26.8
      69.5
      40.0
      (17.4)
      GLOBECOM GCOM
      3.83
      13.3
      16.8
      35.8
      2.1
      HARRIS HRS
      29.96
      (2.2)
      (3.2)
      11.5
      13.9
      HONEYWELL HON
      27.46
      (1.3)
      2.0
      22.3
      14.4
      KVH KVHI
      23.43
      0.4
      9.7
      88.4
      172.5
      LOCKHEED MARTIN LMT
      48.65
      (0.3)
      4.6
      7.3
      (15.8)
      LUCENT TECHNOLOGIES LU
      2.04
      (2.4)
      (6.8)
      35.1
      61.9
      MOTOROLA MOT
      9.47
      (1.8)
      9.1
      19.1
      9.5
      NERA NERAY
      1.62
      12.9
      4.5
      76.5
      50.0
      ORBITAL SCIENCES ORB
      7.53
      (0.3)
      12.4
      43.4
      78.4
      QUALCOMM QCOM
      38.16
      1.1
      14.9
      18.4
      4.9
      RAYTHEON RTN
      32.53
      (1.9)
      2.3
      14.9
      5.8
      ROCKWELL COLLINS COL
      25.50
      1.8
      11.4
      37.8
      9.6
      SCIENTIFIC-ATLANTA SFA
      25.52
      0.5
      21.4
      78.7
      115.2
      SKY FRAMES SKYU
      1.70
      17.2
      (20.9)
      9.7
      (78.8)
      STM WIRELESS STMI
      0.01
      100.0
      900.0
      (95.0)
      TITAN TTN
      11.00
      7.6
      16.5
      49.7
      5.8
      TRIMBLE NAVIGATION TRMB
      25.84
      7.0
      0.6
      34.9
      106.9
      VIASAT VSAT
      14.65
      1.9
      14.5
      25.4
      26.9
      Manufacturers’ Average
      100.00
      7.5
      7.1
      67.2
      19.4
      Nasdaq Composite Index
      S & P 500 COMP
      1,715.86
      2.2
      7.0
      26.5
      28.5
      SN Stock Price Average SP50
      988.67
      (0.5)
      1.3
      14.2
      12.4
      100.00
      5.8
      8.7
      60.4
      39.3
      *Stocks were not traded Friday, July 4. As a result, the pricies listed above begin with the next trading day, July 7.

      Wall Street Analysis

      By Tom Watts, SG Cowen Securities

      Bears on the prospects for direct broadcast satellite (DBS) services say that satellite can’t match cable’s local high-definition (HD) offering. We see both EchoStar Communications [Nasdaq: DISH] and Hughes Electronics’ [NYSE: GMH] DirecTV unit quietly preparing for HD local rollouts. With Hughes’ Hughes Network Systems division launching its SpaceWay satellites next year, and with EchoStar now partnering with SES Americom [Luxembourg: SES], we believe there is plenty of capacity to support local broadcasts in HD – for all of the 100-plus local markets that each DBS company plans to serve.

      There is no doubt that local HD is coming. According to a recent report from the National Association of Broadcasters, at least one digital TV (DTV) signal is available in each of the nation’s top 100 TV markets. The total number of stations broadcasting in digital now is 931, up from 200 a year and a half ago. DTV signals are being transmitted in markets that contain 98.7 percent of U.S. TV households. In addition, 79.7 percent of U.S. TV households are in markets with five or more broadcasters airing DTV, and 50.8 percent are in markets with eight or more broadcasters sending digital signals.

      The cable operators continue to develop capacity to provide HDTV. Last week, the Federal Communications Commission (FCC) issued its annual report on the cable industry. The FCC report showed that on July 1, 2002, 73.4 percent of all cable operators had capacity of + 750 MHz, up from 62.9 percent for the previous year. The FCC considers high-capacity systems those with + 750 MHz. High capacity is important in offering bandwidth-intensive HDTV.

      The FCC report also indicated that the overall average monthly rate for cable programming and equipment is up 8.2 percent, year-over-year. Is it any surprise that the number of DBS subscribers continues to grow, while the cable companies experience losses? We believe that satellite TV will continue to offer a better product, including local HD, at a lower price.

      Tom Watts is a managing director and satellite analyst at SG Cowen Securities. He can be reached by phone at 212/278-4260 or by e-mail at tom.watts@sgcowen.com. Readers should assume that SG Cowen Securities Corp. and/or its affiliates intend to offer services in investment banking to the above referenced companies within the next three months, and to seek compensation for such services.

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