My Way Finance: "XM Satellite Radio Holdings Stock Falls
Wednesday May 3, 5:53 PM EDT
LOS ANGELES, May 03, 2006 (AP Online via COMTEX) -- XM Satellite Radio Holdings Inc. stock fell Wednesday after competitor Sirius Satellite Radio Inc. announced it added more subscribers in the last quarter than XM.
Shares of XM fell 94 cents, or 5.1 percent, to close at $17.51 Wednesday on the Nasdaq Stock Market. Shares traded as low as $16.86, below the 52-week low of $18.42 set Tuesday.
Sirius shares fell 16 cents, or 3.3 percent, to close at $4.72 on the Nasdaq.
Sirius narrowed the subscriber gap between itself and XM Satellite with the addition of Howard Stern, progress with its original equipment manufacturer partners, and the introduction of portable devices, said Stuart Kagel, an analyst with Janco Partners Inc.
Tuesday, Sirius said it added 761,187 customers, ending the quarter with 4.07 million users.
On the other hand, XM Satellite added 568,900 users in the same three-month period. The Washington, D.C.-based satellite radio company said it remains on track to reach 9 million subscribers and positive cash flow from operations by year end. XM finished the first quarter with a total of 6.5 million subscribers.
XM Satellite last week said it lost $149.2 million, or 60 cents a share, on revenue of $208 million in the first quarter.
In the same period a year earlier, it lost $120 million, or 58 cents a share, on revenue of $103 million.
Analysts were expecting a loss of 55 cents a share, according to Thomson Financial.
Overall, analysts have been pleased with the growth in the adoption of satellite radio. The number of subscribers grew approximately 57 percent, according to analyst estimates.
On Wednesday, a law firm filed a lawsuit in U.S. District Court for the District of Columbia on behalf of all persons who acquired the stock of XM Satellite Radio between July 28, 2005, and Feb. 15, 2006.
The lawsuit alleges the company misrepresented its ability to reduce the costs of new subscribers as it reached its goal of six million subscribers by the end of 2005. The law firm said that, despite XM's knowledge that it would be making expenditures in the fourth quarter to achieve the subscriber goal, the company failed to disclose to the market that these costs would help lead to increased losses."
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Wednesday, May 03, 2006
Cat to Reunite With Owner After 10 Years
My Way News - Cat to Reunite With Owner After 10 Years: "SACRAMENTO, Calif. (AP) - Sneakers the cat is being reunited with his owner, hundreds of miles away from where the feline disappeared in 1996.
The long-haired black cat was given to Sacramento's Animal Care Services last week, where an employee scanned him for a microchip, a routine procedure.
The number on the chip was used to track down Allison MacEwan of Seattle, who said she placed newspaper ads and went door-to-door with fliers in a futile search for her lost cat a decade ago.
Officials on Wednesday said they aren't sure how the cat wound up in Sacramento.
MacEwan's daughter was 4 years old when her cat disappeared, and officials said she is now looking forward to being reunited with her childhood pet.
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The long-haired black cat was given to Sacramento's Animal Care Services last week, where an employee scanned him for a microchip, a routine procedure.
The number on the chip was used to track down Allison MacEwan of Seattle, who said she placed newspaper ads and went door-to-door with fliers in a futile search for her lost cat a decade ago.
Officials on Wednesday said they aren't sure how the cat wound up in Sacramento.
MacEwan's daughter was 4 years old when her cat disappeared, and officials said she is now looking forward to being reunited with her childhood pet.
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