|
Week of April 25 – May 1, 2003
|
Percentage Change
|
|||||
|
|
Symbol
|
May 1 Price
|
One Week
|
One Month
|
Three Month
|
Year to Date
|
|
Operators
|
||||||
| APT SATELLITE HLDGS | ATS |
1.23
|
5.1
|
(21.2)
|
(27.6)
|
(28.5)
|
| ASIASAT TELECOM | SAT |
14.33
|
2.7
|
11.3
|
19.4
|
25.8
|
| BRITISH SKY BROADCASTING | BSY |
42.58
|
(1.0)
|
3.5
|
11.9
|
6.3
|
| ECHOSTAR COMM -CL A | DISH |
29.99
|
0.7
|
1.7
|
19.0
|
34.7
|
| GENERAL ELECTRIC | GE |
29.02
|
(1.3)
|
11.5
|
28.7
|
19.2
|
| GILAT COMMUNICATIONS | GICOF |
0.07
|
(39.1)
|
(30.0)
|
(75.0)
|
(53.3)
|
| GLOBALSTAR TELECOM | GSTRF |
0.05
|
(15.3)
|
(19.4)
|
(37.5)
|
(3.8)
|
| HUGHES ELEC (GM -CL H) | GMH |
12.04
|
5.2
|
5.6
|
20.4
|
12.5
|
| IRIDIUM WORLD COMM | IRIDF |
0.17
|
(25.0)
|
83.3
|
57.1
|
50.0
|
| LORAL SPACE & COMM | LOR |
0.29
|
11.5
|
(9.4)
|
(39.6)
|
(32.6)
|
| NEWS CORP | NWS |
28.32
|
(0.5)
|
7.2
|
7.8
|
7.9
|
| NEW SKIES SATELLITES | NSK |
5.28
|
21.4
|
23.7
|
34.4
|
27.2
|
| PANAMSAT | SPOT |
17.20
|
(0.6)
|
19.3
|
24.7
|
17.5
|
| PASIFIK SATELIT NUSANTARA | PSNRY |
0.06
|
(59.3)
|
(63.3)
|
(65.6)
|
(63.3)
|
| PEGASUS COMMUNICATIONS | PGTV |
26.81
|
15.6
|
104.7
|
117.4
|
104.7
|
| SES GLOBAL | SES.LU |
5.25
|
–
|
19.3
|
11.7
|
(18.0)
|
| SIRIUS SATELLITE RADIO | SIRI |
0.78
|
0.1
|
16.4
|
(29.7)
|
21.9
|
| XM SATELLITE RADIO | XMSR |
9.46
|
2.8
|
52.6
|
122.6
|
251.7
|
| Operators’ Average |
100.00
|
(4.3)
|
12.1
|
11.1
|
21.1
|
|
|
Manufacturers
|
||||||
| ANDREW | ANDW |
7.85
|
12.9
|
38.0
|
(14.7)
|
(23.6)
|
| BALL | BLL |
56.30
|
0.2
|
(0.5)
|
8.2
|
10.0
|
| BOEING | BA |
27.05
|
(3.9)
|
3.6
|
(11.8)
|
(18.0)
|
| COM DEV INTL | *CDV |
0.85
|
1.2
|
9.0
|
(12.4)
|
(14.1)
|
| GILAT SAT NETWORKS | GILTF |
3.43
|
(12.1)
|
(31.4)
|
(53.6)
|
(56.0)
|
| GLOBECOM | GCOM |
2.96
|
(1.3)
|
(7.2)
|
(11.6)
|
(21.1)
|
| HARRIS | HRS |
27.72
|
(4.0)
|
(1.0)
|
(10.6)
|
5.4
|
| HONEYWELL | HON |
23.61
|
2.7
|
8.3
|
0.5
|
(1.6)
|
| KVH | KVHI |
14.77
|
11.9
|
23.1
|
36.3
|
71.7
|
| LOCKHEED MARTIN | LMT |
48.95
|
0.7
|
1.7
|
(1.4)
|
(15.2)
|
| LUCENT TECHNOLOGIES | LU |
1.78
|
3.5
|
18.7
|
(7.3)
|
41.3
|
| MOTOROLA | MOT |
7.95
|
(5.1)
|
(4.2)
|
(1.9)
|
(8.1)
|
| NERA | NERAY |
1.20
|
23.6
|
46.4
|
4.4
|
10.4
|
| NII NORSAT INTL | NSATF |
0.88
|
(3.3)
|
3.5
|
(3.8)
|
(11.6)
|
| ORBITAL SCIENCES | ORB |
5.52
|
(3.0)
|
0.2
|
4.7
|
30.8
|
| QUALCOMM | QCOM |
32.14
|
(2.5)
|
(14.3)
|
(14.4)
|
(11.7)
|
| RAYTHEON | RTN |
29.49
|
(2.7)
|
2.1
|
(0.2)
|
(4.1)
|
| ROCKWELL COLLINS | COL |
21.44
|
1.9
|
16.8
|
6.6
|
(7.8)
|
| SCIENTIFIC-ATLANTA | SFA |
16.05
|
0.8
|
16.1
|
40.8
|
35.3
|
| STM WIRELESS | STMI |
0.00
|
(95.1)
|
400.0
|
(99.8)
|
(99.8)
|
| TITAN | TTN |
8.15
|
3.6
|
6.5
|
(26.7)
|
(21.6)
|
| TRIMBLE NAVIGATION | TRMB |
24.26
|
12.7
|
26.0
|
55.5
|
94.2
|
| VIASAT | VSAT |
10.51
|
(16.5)
|
(9.4)
|
(7.1)
|
(8.9)
|
| Manufacturers’ Average |
100.00
|
(3.2)
|
24.0
|
(5.2)
|
(1.0)
|
|
| Nasdaq Composite Index | COMP |
1,472.56
|
0.4
|
7.5
|
11.4
|
10.3
|
| S & P 500 | SP50 |
916.29
|
(0.3)
|
6.1
|
8.5
|
4.1
|
| SN Stock Price Average |
100.00
|
(3.7)
|
18.8
|
1.9
|
8.7
|
|
Wall Street Analysis
By Tom Watts, SG Cowen Securities
The satellite radio market clearly has expanded beyond the automobile. With its Delphi SkyFi unit, XM Satellite Radio [Nasdaq: XMSR] has demonstrated that consumers like portability and are willing to try something new. Now the creative geniuses at XM have developed something else — a satellite radio receiver designed for personal computers. The XM PC Receiver, called “XM PCR,” can access XM’s 101 channels without needing an Internet connection. The receiver also offers higher quality than streaming audio. XM PCR sells for a suggested retail price of $69.95 with a monthly service fee of $9.99. Rival Sirius Satellite Radio [Nasdaq: SIRI] has hopes of introducing a portable plug and play unit in time for the holiday shopping season.
So what’s next? We expect that innovative product offerings will drive demand. Imagine jogging with a Walkman that receives satellite radio? Or how about sitting on an airplane and having a choice of over 100 channels vs. the 10 or so now offered on a continuous feed? You never know, after all, who would have thought that DirecTV satellite TV service would be available on JetBlue airplanes.
We project that the satellite radio market will hit about 10.2 million subscribers by the end of 2008. Most of those subscribers are expected to be motorists who use the service in their vehicles. We believe that upside to our forecast is likely as consumer acceptance continues and new products are introduced. So many people, so many possibilities. For those of you who didn’t think satellite radio would make it – think again. The service is here to stay.
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.watt@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.
