CASPER
New member
Tough Day on Street Impacts Satellite Stocks
--------------------------------------------------------------------------------
Another tough day on Wall Street also meant it was a troubling trading session for satellite stocks.
On Wednesday, the Dow fell below 8,000, finishing the day down more than 400 points at 7,997.28. That's the lowest close for the index since March 2003. Investors fretted about the survival of another financial giant, this time Citigroup, and the fate of Detroit's automobile manufacturing giants and whether they will receive any government assistance.
It could be said that any challenges facing the big three automakers - General Motors, Ford and Chrysler - could have an impact on Sirius XM, which generates a lot of customers through its automotive OEM channel. Shares in the satellite radio company tumbled 19 percent during trading Wednesday, closing at 16 cents a share, a new 52-week low for the Sirius XM stock.
If that wasn't enough, shares in DISH Network fell more than 8 percent to $9.62. EchoStar shares tumbled more than 5 percent to $14.01. DIRECTV stock fell more than 6 percent to $18.97.
--------------------------------------------------------------------------------
Another tough day on Wall Street also meant it was a troubling trading session for satellite stocks.
On Wednesday, the Dow fell below 8,000, finishing the day down more than 400 points at 7,997.28. That's the lowest close for the index since March 2003. Investors fretted about the survival of another financial giant, this time Citigroup, and the fate of Detroit's automobile manufacturing giants and whether they will receive any government assistance.
It could be said that any challenges facing the big three automakers - General Motors, Ford and Chrysler - could have an impact on Sirius XM, which generates a lot of customers through its automotive OEM channel. Shares in the satellite radio company tumbled 19 percent during trading Wednesday, closing at 16 cents a share, a new 52-week low for the Sirius XM stock.
If that wasn't enough, shares in DISH Network fell more than 8 percent to $9.62. EchoStar shares tumbled more than 5 percent to $14.01. DIRECTV stock fell more than 6 percent to $18.97.
