Satellite Radio Stocks Fall After Downgrade
Satellite radio stocks fell after a Merrill Lynch & Co. analyst downgraded their ratings.
Shares of XM Satellite Radio Inc.--which went from an “intermediate†buy to “neutral†rating--dropped 47 cents to $5.75. Sirius Satellite Radio Inc.--which went from “neutral†to “reduce/sellâ€--fell 59 cents to $3.01. Both trade on Nasdaq.
Analyst Marc Nabi blamed the “current telecom/media malaise†for the downgrade, saying it could harm the companies’ abilities to raise funding.
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