Satellite shares off on speculation
Satellite radio stocks declined Monday before a top DirecTV executive dashed hopes that the Rupert Murdoch-controlled satellite video giant would start its own satellite radio entity.
The stocks dropped after a hedge fund manager appeared on CNBC and speculated that DirecTV might consider starting its own satellite radio business.
Both stocks still finished lower, but closed off their session lows.
Sirius Satellite Radio (SIRI: news, chart, profile) fell 48 cents, or nearly 7 percent, to $6.62 on typically humongous volume of 222.9 million shares, while XM Satellite Radio (XMSR: news, chart, profile) shed $1.15, or 3.4 percent, to $32.94.
Sirius’ session low was $6, while XM’s was $31.62.
The stocks declined in pre-market trading, and then soon afer the market opened. DirecTV (DTV: news, chart, profile) Chief Executive Chase Carey then told a gathering at the Smith Barney Citigroup Entertainment, Media and Telecommunications Conference in Phoenix Monday his company would “leave XM and Sirius to duke it out,” said DirecTV spokesman Robert Mercer.
Satellite shares off on speculation
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