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The Satellite News Financial Ticker

By | April 19, 2004

      Week of April 9 – 15, 2004
      Percentage Change
       
      Symbol
      April 15 Price
      One Week
      One Month
      Three Month
      Year to Date
      Operators
      APT SATELLITE HLDGS ATS 1.94 (1.0) (10.2) (28.9) (18.5)
      ASIASAT TELECOM SAT 17.00 (5.6) (8.4) (13.3) (10.4)
      BRITISH SKY BROADCASTING BSY 49.60 (1.8) (3.3) (12.7) (2.6)
      ECHOSTAR COMM -CL A DISH 33.02 (0.2) (4.4) (7.7) (2.9)
      THE DIRECTV GROUP DTV 17.19 5.7 11.8 2.5 3.9
      LORAL SPACE & COMM LOR 0.48 (14.3) (21.3) 2.1 52.4
      NEWS CORP NWS 36.90 (3.1) 5.3 (1.3) 2.2
      NEW SKIES SATELLITES NSK 6.95 (0.6) 8.8 (4.3) (2.9)
      PANAMSAT SPOT 25.44 3.8 9.3 25.7 18.0
      PASIFIK SATELIT NUSANTARA PSNRY 0.22 (10.2) 15.8 340.0
      PEGASUS COMMUNICATIONS PGTV 25.66 (26.5) (23.6) (39.0) (8.6)
      SES GLOBAL SESF.LU 7.34 4.9 1.9 (7.1) (8.3)
      SIRIUS SATELLITE RADIO SIRI 3.76 (2.1) 25.8 20.1 19.0
      XM SATELLITE RADIO XMSR 27.20 (8.1) 6.7 0.4 3.5
      Operators’ Average   100.00 (3.5) (0.8) (3.4) 27.5
      Manufacturers
      ANDREW ANDW
      19.90
      (4.2)
      18.5
      15.1
      71.7
      BALL BLL
      69.59
      (0.5)
      7.2
      21.0
      16.8
      BOEING BA
      41.93
      1.4
      5.4
      (2.6)
      (0.5)
      COM DEV INTL *CDV
      2.71
      (1.5)
      5.0
      (9.7)
      (5.9)
      EMS TECHNOLOGIES ELMG
      19.33
      (11.1)
      4.2
      (25.2)
      (5.9)
      GARMIN GRMN
      40.19
      (5.6)
      0.9
      (30.1)
      (26.2)
      GILAT SAT NETWORKS GILTF
      8.09
      (8.6)
      3.7
      22.0
      65.4
      GLOBECOM GCOM
      5.30
      (2.6)
      (10.5)
      2.1
      11.6
      HARRIS HRS
      47.67
      (5.0)
      6.7
      18.7
      25.6
      HONEYWELL HON
      34.84
      0.5
      6.9
      (4.5)
      4.2
      KVH KVHI
      13.10
      (8.6)
      (7.6)
      (30.8)
      (52.5)
      LOCKHEED MARTIN LMT
      47.22
      (0.7)
      6.5
      (7.8)
      (8.1)
      LUCENT TECHNOLOGIES LU
      4.16
      (6.5)
      7.5
      (6.9)
      46.5
      MOTOROLA MOT
      16.68
      (8.1)
      2.1
      2.3
      19.1
      ORBITAL SCIENCES ORB
      12.20
      (5.3)
      4.0
      (7.1)
      1.5
      QUALCOMM QCOM
      65.18
      (3.3)
      3.8
      8.8
      20.9
      RAYTHEON RTN
      31.95
      0.2
      5.6
      1.7
      6.4
      ROCKWELL COLLINS COL
      32.69
      1.4
      7.6
      (0.1)
      8.9
      SCIENTIFIC-ATLANTA SFA
      31.45
      (7.9)
      1.9
      (5.6)
      15.2
      SKY FRAMES SKYU
      0.10
      9,900.0
      TITAN TTN
      19.50
      (0.3)
      (2.7)
      (10.4)
      (10.6)
      TRIMBLE NAVIGATION TRMB
      23.32
      (3.5)
      9.1
      (16.3)
      (6.1)
      VIASAT VSAT
      23.66
      (8.1)
      (6.7)
      (2.4)
      23.6
      Manufacturers’ Average  
      100.00
      (3.8)
      3.4
      427.5
      9.6
      Nasdaq Composite Index
      Nasdaq comp
      1,991.88
      (3.0)
      2.7
      (5.6)
      (0.6)
      SP 500 sp50
      1,130.73
      (0.8)
      2.4
      (0.1)
      1.7
      SN Stock Price Average  
      100.00
      (3.7)
      1.8
      264.5
      16.4

       

      Wall Street Analysis

      By Paul Dykewicz, PBI Media LLC

      Cablevision’s [CVC] Rainbow DBS satellite TV business unit began providing commercial service in February, and it slowly is beginning to emerge as a legitimate competitor in the U.S. multi-channel video marketplace. The service, known as VOOM, is picking up subscribers through its Sears [S] retail distributors and via its own direct sales. VOOM’s subscriber base stood at 1,627 at the end of February, and its growth should accelerate as the service signs up additional retailers to distribute its programming. The service’s key selling point is an unparalleled 35 channels of HDTV programming.

      VOOM should gain further sales traction due to its recent reduction in the price of its satellite TV receiving equipment to roughly $400 from nearly $750. Subscribers also will be given the option to rent a set-top box for $9.50 a month, on top of the monthly subscription fee that starts at $39.90 per month. VOOM’s willingness to subsidize the rollout of the service, combined with a growing U.S. demand for HDTV, also should aid its sales. Past drags on the growth of HDTV, including a lack of available programming and a dearth of HDTV-capable TV sets, also are becoming less problematic.

      In addition, Cablevision appears to be on track to file a registration statement with the Securities and Exchange Commission in the coming weeks to spin off its Rainbow DBS unit. Such a move would unlock Rainbow DBS from Cablevision, and it would help the satellite TV company develop as an independent entity. Thomas Eagan, a satellite and cable analyst at Oppenheimer, cited several of these trends in a research note about VOOM and Cablevision.

      The market currently does not give Cablevision much value for its national cable networks or the potential of its Rainbow DBS business, Eagan said in a phone interview with Satellite News Friday. Rainbow DBS ultimately may carve out an enhanced valuation on its own through its unprecedented original HDTV programming and whatever subscription satellite TV service revenues it develops, he added. In addition, a spin-off of Rainbow DBS would allow its debt to be refinanced to speed growth.

      Those who think VOOM is a non-entity that will not impact either DirecTV or EchoStar Communications [DISH] ultimately may be surprised. VOOM is a service that is worth watching for more than just its unique programming.

      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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