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The Satellite News Financial Ticker

By Staff Writer | June 14, 2004
      Week of June 4 – 10, 2004
      Percentage Change
      Symbol
      June 10 Price
      One Week
      One Month
      Three Month
      Year to Date
      Operators
      APT SATELLITE HLDGS ATS
      1.91
      14.4
      4.4
      (18.4)
      (19.7)
      ASIASAT TELECOM SAT
      15.90
      (2.2)
      (2.8)
      (20.1)
      (16.2)
      BRITISH SKY BROADCASTING BSY
      46.65
      5.1
      0.0
      (10.8)
      (8.4)
      ECHOSTAR COMM -CL A DISH
      31.68
      0.8
      0.2
      (7.6)
      (6.8)
      THE DIRECTV GROUP DTV
      17.25
      (1.2)
      0.8
      6.5
      4.2
      LORAL SPACE & COMM LOR
      0.15
      (9.4)
      (74.1)
      (81.2)
      (54.0)
      NEWS CORP NWS
      36.01
      (1.5)
      (1.6)
      (1.3)
      (0.2)
      NEW SKIES SATELLITES NSK
      7.67
      (5.1)
      2.3
      15.3
      7.1
      PANAMSAT SPOT
      23.21
      0.4
      1.3
      (1.4)
      7.7
      PASIFIK SATELIT NUSANTARA PSNRY
      0.14
      (36.4)
      (36.4)
      (44.0)
      180.0
      PEGASUS COMMUNICATIONS PGTV
      17.32
      12.9
      (4.3)
      (53.6)
      (38.3)
      SES GLOBAL SESF.LU
      7.33
      12.9
      1.0
      (1.9)
      (8.4)
      SIRIUS SATELLITE RADIO SIRI
      3.16
      (0.3)
      (0.6)
      8.2
      –
      XM SATELLITE RADIO XMSR
      23.60
      (4.4)
      2.6
      (7.7)
      (10.2)
      Operators’ Average 100.00
      (1.0)
      (7.7)
      (15.6)
      2.6
      Manufacturers
      ANDREW ANDW
      19.74
      2.3
      15.8
      13.2
      70.3
      BALL BLL
      69.79
      2.6
      13.8
      5.3
      17.2
      BOEING BA
      48.75
      4.3
      12.3
      17.0
      15.7
      COM DEV INTL *CDV
      3.25
      (0.9)
      37.7
      27.5
      12.8
      EMS TECHNOLOGIES ELMG
      19.99
      (12.1)
      6.3
      1.2
      (2.7)
      GARMIN GRMN
      34.54
      0.3
      17.2
      (18.5)
      (36.6)
      GILAT SAT NETWORKS GILTF
      6.26
      10.4
      4.7
      (15.4)
      28.0
      GLOBECOM GCOM
      5.33
      (2.7)
      (19.4)
      (11.6)
      12.2
      HARRIS HRS
      46.32
      1.1
      6.0
      1.6
      22.1
      HONEYWELL HON
      35.40
      5.1
      4.4
      4.2
      5.9
      KVH KVHI
      13.34
      2.5
      (0.6)
      (15.7)
      (51.6)
      LOCKHEED MARTIN LMT
      50.95
      2.0
      4.9
      13.3
      (0.9)
      LUCENT TECHNOLOGIES LU
      3.40
      (0.3)
      2.1
      (12.8)
      19.7
      MOTOROLA MOT
      19.90
      (0.6)
      6.2
      13.8
      42.1
      ORBITAL SCIENCES ORB
      13.09
      1.9
      6.6
      6.7
      8.9
      QUALCOMM QCOM
      69.86
      2.8
      10.5
      9.6
      29.5
      RAYTHEON RTN
      34.36
      2.4
      7.2
      10.9
      14.4
      ROCKWELL COLLINS COL
      31.71
      3.0
      1.6
      3.2
      5.6
      SCIENTIFIC-ATLANTA SFA
      34.29
      (1.2)
      8.2
      2.0
      25.6
      SKY FRAMES SKYU
      0.01
      –
      (90.0)
      (90.0)
      (90.0)
      TITAN TTN
      18.63
      (2.6)
      (0.6)
      (2.7)
      (14.6)
      TRIMBLE NAVIGATION TRMB
      26.88
      (2.0)
      4.3
      23.5
      8.3
      VIASAT VSAT
      23.93
      2.8
      6.4
      (12.9)
      25.0
      Manufacturers’ Average 100.00
      0.9
      2.9
      (1.2)
      7.3
      Nasdaq Composite Index
      Nasdaq comp
      1,999.87
      0.5
      4.3
      0.2
      (0.2)
      SP 500 sp50
      1,136.47
      1.0
      3.4
      (0.4)
      2.2
      SN Stock Price Average
      100.00
      0.2
      (1.1)
      (6.6)
      5.5

      Wall Street Analysis

      By Paul Dykewicz, Senior Analyst/Senior Editor

      DirecTV gained another legal victory in its battle with Pegasus Satellite Television last week when a federal judge in the U.S. bankruptcy court in Portland, Maine, entered an order that allows the largest U.S. satellite TV service provider to sell to customers in territories previously exclusively served by Pegasus.

      The decision adds to the momentum that DirecTV has gathered in the marketplace by topping rival EchoStar Communications [DISH] in subscriber gains during recent quarters. DirecTV also helped itself by striking a deal with the National Rural Telecommunications Cooperative (NRTC) on June 1 to shore up the company’s rural marketing and sales efforts (SN, June 7). That agreement ended the NRTC’s exclusive DirecTV service distribution contract, effective immediately. Under that deal, the NRTC’s separate pacts letting its members and affiliates sell DirecTV in selected territories would be terminated Aug. 31, 2004. As the largest member of the NRTC, Pegasus Satellite Television was hurt by the new agreement between the NRTC and DirecTV. Pegasus, a unit of Pegasus Communications [PGTV], responded the following day by filing for Chapter 11- bankruptcy court protection June 2, along with certain of its subsidiaries.

      Until the contract terminations take effect effective Aug. 31 for Pegasus and the other NRTC members, DirecTV will provide services through the NRTC to its members and to Pegasus on a non-exclusive basis.

      Pegasus appears to be facing a difficult decision about how best to proceed with the loss of its non-exclusive territorial rights. Thomas Eagan, a satellite analyst with Oppenheimer, questioned the company’s strategy of filing for bankruptcy, as he doubts the move would protect Pegasus from losing its right or preventing its owner from avoiding legal claims against it if its business unit cannot pay.

      Uncertainty about Pegasus continues to mount, and no answers appear to be at hand.

      Paul Dykewicz is senior editor and senior analyst of Satellite News. He can be reached at 301/354-1769 or at [email protected].

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