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XM, Sirius shares falter on bad report
This was shaping up to be a pretty good week for satellite radio outfits XM and Sirius. Last weekend, the head of the FFC gave his blessing to the proposed merger of the two companies. That wasn't enough to seal the deal, but it was a positive indicator.
How things change -- shares of XM and Sirius took a dive yesterday following the release of a Goldman Sachs report predicting a bleak future for satellite radio. It said younger subscribers would gradually migrate to other technologies, like MP3 players. Goldman advised investors to sell their stocks in the companies.
Posted on June 20, 2008 7:43 AM PT | Permalink
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