Cowen Slams Goldman on Radio Stocks Analysis

In a note issued Friday, Cowen analyst Tom Watts was very pointed in his disagreement with Goldman’s Wienkes.

“We disagree with competitor’s negative view,” noted Watts. He also stated that investors could, “Expect a rebound.”

Yesterday, Outperform-rated Sirius (SIRI) ($2.13) traded down 13% and XM (XMSR) 18% ($8.61). A competitor’s note (with which we disagree) contributed and technicals may have widened the arb spread. We expect FCC approval and the debt restructuring to drive a rebound of both stocks in the near term.

 

Watts cited several factors including: increased OEM installations (penetration rate) that would offset slowing car sales, substantial merger synergies of $5 billion, FCC approval in July, the debt issue being closed not as big a hurdle as some anticipate, and the arb spread to begin to narrow again as anticipated merger closure draws near.

While Watts did not take on specific aspects of the Goldman report, some obvious factors that I note are that Goldman states that “young people” are buying MP3’s. This is not real news. The “young people” have not been the largest contributor to SDARS subscriber-ship since the beginning. Additionally, the A-La-Carte pricing may make subscriber-ship something that is more budget friendly to the younger crowd. Combine MP3 capability with the “music discovery” allowed by satellite radio, and there could be a winning combination. The MP3 crowd is often music centered. A satellite radio service at $6.99 per month that enables fans to get only what they want may well carry more appeal.

Additionally, Goldman cited that ARPU would be impacted with the new pricing plans, and mentioned an OEM take rate of 50%. What it would appear Wienkes did not consider was that more attractive pricing points may increase subscriber-ship, thereby offsetting a lower ARPU (oversimplified example):

CURRENT TAKE RATE 50%

100,000 cars turn into 50,000 subscribers paying $12.95. 50,000*12.95 = 647,500 - ARPU of $12.95

TAKE RATE OF 50% Full Price, and 10% AT $6.99

100,000 cars turn into 50,000 @ $12.95 and 10,000 @ 6.99. 50,000*12.95 + 10,000*$6.99= $717,400 - ARPU of $11.96

While the ARPU is indeed almost $1 lower, the revenue coming in the door has increased. The ability to capture additional subscribers at the lower price point represents more dollars. ARPU is an average metric of revenue per subscriber. Simply stated, the business model will shift a bit more towards volume, something that it appears Goldman’s analyst has not fully considered.

With no company guidance and no real certainty, it becomes hard to know what analysis to count on. There simply is nothing for anyone to hang their hat on. Goldman is the “golden child” of the moment, but how long will that last? SDARS is quickly approaching a level where Wienkes will need to come out with yet another opinion. Will he “upgrade” from “convicted sell” to “sell”, or adjust his target further down? Only time will tell.

Position - Long Sirius , Long XM

Comments

[sgrm33]

Purchased 50k shares at the close at 1.99

Down side from here should be limited,but you never know.

[Zeninvestor]

Good to see other agree. Bought 40k shares averaged in at 2.13. Your example is a good one above. I would further point out that there are millions of cars 'with' XM or Sirius radios 'installed' that might well reactivate if the merger goes through. If you can 'pick' your 50 stations you can target your local weather/traffic, sports teams, as well as your musical and news choices for a few bucks a month. Also, being able to 'stream' XM over a 3G phone you can have the best of both worlds on your IPhone also. My XM portable goes with me on business trips and have MP3 on it, and a recording feature so I can capture 'favorite' artists work. The Goldman piece was written by someone who does not use or understand the product. The delay in the merger has also pent up demand while people try to 'sort out' the options. The merger will go through, and Sirius will fly, both the product and the stock.

[gekko13]

I've said it before and I'll say it again---mp3's and ipods will not affect satellite radio as much as people think. The thing about satellite programming is that the music content is fresh and dynamic, even within its specific genres (channels), and no commercials. In the old days, when we got tired of a cassette tape, we would change the tape or put on the radio. We grew tired even of the same songs on our "custom made" tape. With satellite, you have genres within genres. We can listen to different types of jazz within the jazz channels, different types of rock, different types of pop, rap, hip-hop, techno, classical, punk, 80's, 70's, etc, etc, etc. Add to that talk, sports, traffic, weather...WOW! For a set price. WOW! National coverage, whether I'm in the Black Hills of South Dakota or in Mojave, or in the Everglades or in the Big Apple. WOW! Here in Miami I get to listen to TWO lousy rock stations. One is on the classic rock side, where on any given day I can listen to the same Peter Frampton song, the same three Boston songs, the worst Def Leppard song ever, the same four Aerosmiths, two ACDC's, two Claptons, two Police, a Doors, a couple of Led Zeppelins...you get the picture. The same songs being crammed down my throat day-in and day-out. Along with the lousy commercials.

The other station is geared more toward the 90's and later. There I get a steady diet of Nirvana, STP, Disturbed, Chili Peppers, Nirvana, Guns and Roses, Metallica (no complaint there), sprinkled in with some 80's stuff, Linkin Park, Kid Rock (gimme a break), and of course before I forget, Nirvana. And I get the commercials as a free bonus! Guess what? These days I drive in silence 50% of the time.

And some idiots actually think SatRad will fail? SatRad will be a luxury that will turn into a necessity. Remember the cell phone folks? How many of you had one in 1990? Now people aren't even having home lines anymore. I know I don't. Terrestial radio will join the T-Rex and the 8 track in the annals of history once people get a taste of it.

We need to look at the forest and not the trees here folks. Yes there are some chinks in the armor that need to be patched, but they WILL be patched. The forest is rich in nutrients and very arable, and soon the crops will be planted correctly.

One thing, they need to stop giving away monster contracts when renegotiation time comes around because this time they will have more clout. Seriously, where is Stern gonna go if he doesn't retire? No one can pay him what SatRad can. And I'm sure this time around, he will be a little more lenient, concientious if you will, to the fact that Siri has suffered immensely due to astronomical spending and maybe he'll turn into a team player. After all, he already made his killing.

On another note...why are some of you buying SIRI when you should be buying XM? You get more bang for your buck with XM right now due to the wide conversion spread.

[Astronut]

SatRad will be a great option in case of natural disasters. XM SERVED AS A CRITICAL SOURCE OF INFORMATION BEFORE, DURING,
AND AFTER HURRICANE KATRINA.One form of communications that continued to operate without interruption during the
storm was satellite technology. Satellites are located thousands of miles above the Earth and are
thus able to operate even when disasters occur on the ground. With that in mind, when Hurricanes Ivan and Jeanne hit Florida in September 2004,XM launched a new channel -- XM Emergency Alert, Channel 247.On this channel,
listeners can receive key survival information such as evacuation routes, shelter locations, and
updated weather emergency information for impacted areas.During Hurricane Katrina, XM also established an additional public safety channel, Red
Cross Radio, XM Channel 248. This channel provided information pertinent to Red Cross
workers in the Gulf Coast region, as well as Red Cross aid stations in Houston and other cities, as they assisted in the relief effort.
Again, as with XM Channel 247, Red Cross Radio was available to anyone with an XM receiver without the need to pay a subscription fee.
These words were copied and pasted here from a Letter to the FCC from John Archer
Vice President, Operations
XM Satellite Radio Inc.

www.fcc.gov/pshs/docs/...


Another reason for the prompt approval of the Merger.

[ForecastS.Com]

Moving forward in time, it seems obvious that Tom Watts will win.

See: http//Forecasts.com

[Timothy Sykes]

always amazes me how much chatter there is on irrelevant stocks like this, guess its good for page views...people the charts are total crap, i dont give a flying f*** about anything else, charts dont lie, humans do

[Zeninvestor]

Always amazes me that people who 'say' they don't care take the time to post that fact here! May I say that all the 'charting' schemes had 'human' authors! Oh well, it is a free country.

[jimmydasaint]

The merger will go through & the stock will be valued at no more than $3.75 to $4.00 max!

I'll be selling half my stake and waiting on pins and needles to see what BOLD moves Sirius is able to pull off this year!

They better sell their souls to Apple or Zune to make things start happen! It would be nice to see Zune add a new element to their MP3 players to compete with Apple!

Why not build the subscrpition costs of satellite radio into Zune and include this service for free?

Just a thought!

[Rawbhurt]

Exaclty charts don't lie,RSI indicating stock being over sold.
Merger coming soon a quick in and out.

[User 213962]

Goldman’s Wienkes blind negative view was worse than recent mortgage fraud. I am really wondering no agency out there to control all these kind of intentional act?

[Hopper]

I have been a sirius subscriber for 5 years and have loved every minute of it. I recently paid for a life time subscription, that is how strong I feel this will continue on. The merger is a great thing for both companies. The bureacrates in Washington and the lobbiest for terresterial radio need to focus there attention on their own business and not try to bash the competition.

[163888]

I will first say that what amazes me, is how much this stock has so much chatter by so many people for and against. When else have this many people been so involved in a stock or the product. If there is one good thing that has come out of this delay, is that more people have been made aware of satellite radio whether that would have happen anyway is debatable. What is not, is that the amount of interest in this sector has grown tremendously.

Now as for Mark W. And the example that Tyler has given I think what Mark is talking about, is that what will bring ARPU is that more of the 50% will go for the 6.99 package then the extra subscribers that would join at the 6.99. Or that more of the original 7.6 million subs would switch to the 6.99 and that would bring the ARPU down and the total revenue down. I personally dont think everything Mark W. is saying will happen and I suspect what Tyler is saying in a simple form is that the ARPU may come down but revenue will go up in general and that is a more reasonable conclusion. This was my thought from another article:
Here is a thought, How many subscribers do you think hold both SIRI and XMSR right now, and are paying the 25.9 each month for both. I have to say, I think the percentage is very very low. Now how many subscribers do you think that have had all the content that they have been exposed to from ether SIRI or XMSR would go down to the 6.99 subscribtion that really only offers music channels. I think that percentage is very very low, as a matter of fact if they would go for that package then chances are there is a big percentage of those that would have (churned out) left anyway. Now how many people that pay 12.95 a month to get one would not mind paying 2 or 4 dollars more to get the SIRI/XMSR you have now plus the best 13 channels from the other. IMO, The al la cart will not only lower churn, but may actually bring up the ARPU. Give them a year and then you will have another price point that will offer, access to both full services, for some higher price.

Here is an example I think we all can agree with: How much did you start paying for your cable/satellite tv when you first got it. Now how much are you paying. I would be willing to bet most have upgraded to the extra package and are now paying more then they did when they first started it.

All I am saying is when you here analyst say the al la cart is going to bring ARPU way down think about what happen to your cable/satellite tv bill. Just a piece of common sense. I also believe Mel Karmazin has thought about it to.


My point to that is that while there will be other options open, that they have been made so limited that most will find that they will be better off, staying with the 12.95 package if not moving to the more expensive package for the limited extra cost. Just as most have found in their cable/satellite tv options.

[connorport]

Amen to all opinions above. Its true analysts can drive a stock down or up but only the numbers at the end tell whether an analyst has true and accurate "opinions". Thats why there called opinions and not facts. This allows some so called special interest analysts to move stock up and down in favor of the special interest greasers without recourse. I am personally upgrading this stock to "Strong Buy". Am i not an analyst myself as i have a more reasonable "opinion". How many will listen? Maybe none but i will bet my opinion is closer to fact than Goldman's Weinkes. Buy now because "they" probably are.

[cos1000]

I recently visited with a friend who loves his IPOD with all of the accessories for home, car, and "out and about" flexibilities. He was recently given a Sirius subscription for Fathers Day and had it installed in his car, set up for his home, and got a "boombox" also. He told me he never realized the convenience of setting up the channels for his liking and forgetting about it, regardless of where he travels. Recently he took a drive trip from North Carolina to Cape Cod, which he makes quite often. Usually the trip was a combination of IPOD, radio, books on tape, etc. He told me all he needed this trip was his Sat Radio. He is thoroughly sold on the technology, after installed, for its simplicity. He and his wife are over sixty in age and haven't used their IPOD since getting their SAT Radio. To this day the only nay sayers of this technology that I have found are those who haven't used it. With OEM simplifying the auto installation and new retail portables with MP3 and WIFI capability inevitable, I just can't see this company being anything but successful. I know my example is just one, but it is more the norm than the exception.

Analysts at this point in time, as Tyler and others have reiterated, have no real guidance from the companies or metric to measure the possibilities post merge. At best, cost savings synergies, debt reconfiguration, capital expenditures and depreciation savings, are what they are looking at with revenue remaining a relatively fixed ratio to these expenses. Post merger upside surprised in revenue with new product releases, additional unanticipated subscribers, and the release of "pent up" retail demand will move the revenue side beyond analysts current projections. Mel and his team will also be reselling this company and providing concrete guidance, which I am sure he will make sure he beats every quarter for the next year or two. When all you can look at is managing expenses and attributing no real growth in revenue, the picture is grim, and is being presented in that light in current analyst projections. At these stock price levels for both companies you can't go wrong with the risk reward ratio given the pending merger approval.

[cos1000]

163888....I totally agree that subscription revenue will be impacted by the more expensive upgrade than by subscribers downgrading their subscription. People tend to subscribe to more of what they like than less. Excellent point.

[muley101]

Compare these costs:

three gallons of gas: $12.20
a date at Wendy's: 14.50
four movie rentals: $16.00
a month of staillite radio: priceless

The young people will come around.

[163888]

cos1000, that is exactly what I am saying. Alot of people (Mark Wienkes) have forgotten that this is a luxury item. That most, that have it will not be effected by the down turn in the economy, and want what they want, even if it means paying a whole extra 2 or 4 dollars. Case in point XMSRs take rate has actually gone up and not down. Now many on the negitive side are saying to themselves how can this be, how can this be. I will explain it to you; most cars that come with satellite radio as standard are on the high end of cost for a car. Those people really dont give a rats ass about 12.95 or saving 6 dollars a month, when they are paying between 30,000 and 60,000 (few models are higher) for a car. It is really that simple. as for the al la cart that will allow it to be more affordable to the people with a lower income. A good example is what happen with cell phones. now look, who doesnt have a cell phone. My god 14 years ago, if someone were to say even 6 and 7 year olds are going to have cells, many would have laughed in their face and said your crazy, not now though, because you see it all the time. Am I saying satellite radio will be as popular as cell phones maybe they will, maybe they wont. The fact is they dont have to be, where there are 5 or 6 different companies that compete in cell phones, there will only be one in satellite radio sector, if the merger gos through. Now as for terrestrial radio, I look at that as cell is to land lines you may always have one but if it were a choice you would pick your cell, even though the bill is much bigger for your cell then for your land line.

[sparky]

I hope Goldman's comments are investigated.. But, at the same time the commentary substantiates the case for the merger and the financial fundamentals will speak for themselves in future quarters. I just hope that the commissioners put as much stock in Goldman's assessment as the street has.

Tyler, nice work on the coverage. Is a MP3 / SDARS device a solution? Also, can internet operate off current satellite signals, or would they have to integrate WIFI into those devices? After the merger, what's next for Satellite Radio?

[Rawbhurt]

Please give me a brake,investigation my ass.Are you also going to investigate them other people who said this will go to $ 5.00 a share
after the merger,and doesnt happen.

[MiMi]

How many stations can someone listen too? In other words, who is going to take a full subscription at full price over ala carte when they are only listening to 2 or 3 stations in the spectrum. I think the average revenue stated here is way too optimistic.

[Plowboy]

This piece fails to consider the "cut" by OEM's which then take a SUBSTANTIAL % of the gross ARPU. Winky is a Dinky, but he's right about this if the number is not offset by the 14.95 combined package.

[Plowboy]

IF GS gets the SIXM refi deal the story will be understood.

[cos1000]

Michael Lofrano.....as I stated above, I never met anyone who was a subscriber that didn't have an eye opening experience. Its not the number of stations. It's commercial free music, world news, CNBC, basketball and baseball, college and pro, NFL, Nascar, Talk Right, Left and everything in between, It's LIVE. Its Spanish, Korean, French. Its every genre of music out there. Try it you'll like it.

Plowboy....this piece considered the "cut" by the example given. ARPU is a metric that is not the whole story. Increased revenue with decreasing expense is not ARPU. ARPU is not a GAAP metric. It is an operating metric for benchmarking the business. SAC is another example of an operating benchmark. As a number it will increase with 6.99 subs and decrease with 14.99 subs but gross revenues will still be going up. In the end the number that matters is EPS, EARNINGS, and they need to be positive. All the expense synergies of the merger are not part of the ARPU, go figure. By the way, when it comes to SAT RAD what is "SUBSTANTIAL"... % of the gross ARPU anyway.

[GABES]

Why isnt Mel Carmisan..or however you spell it...coming on to Cramer..or CNBC...to defend this stock ??? He is supposed to be a genius CEO...yet hasnt made an appearance to counter Goldmans bashing !!! Does anyone know the financial terms of the proposed merger ???

[cos1000]

GABES....for every share of XM stock, Sirius will pay 4.6 shares of SIRI stock. It's a 100% stock transaction. Mel Karmazin can't defend the stock fully until the FCC removes the licensing road blocks. That's why the companies stopped giving guidance. All guidance would be as stand alone companies, as they are now. Any defense of post merger operations and profitability would be foolish at this time.

[killerkaul]

Great discussion guys. Thanks. Long Siri!!!!!!

[163888]

Michael Lofrano, As I said the best stations will not be part of the 6.99 plus a .25 per channel package. If you look at the example SIRI/XMSR put out for the al la cart, you can not get Stern ( he will run alot more per channel) and many others for example unless you go to at least the 9.95 package ( I can't remember it might be the 12.95 package), they call those channels premium. As I said before, look at how people acted to cable and satellite tv. I can't watch that many stations ether but try seeing what the next lowest package is, you will find that you watch 6 channels and 4 or 5 of which are ones that you cant get unless you stay with the full package. Here is another example, if you look at what you get with the 6.99 package it starts with music, religion, weather, traffic, that is what you have to have to begin with the 50 channels, if you want baseball for instance then you will pay .25, well How many baseball stations are on XMSR now. You get those alone and before you know it you are already closing in on the original 12.95. My point is you are going to find that the channels you want, are going to put you at the 12.95 anyway. That is why they had to put the asurance that no one would pay more then the 12.95 they were paying to get what they were getting before.


Plowboy, while I know I am no Mark W or Tyler S. look at the second paragraph of my June 22nd statement it gos into that. I know I ramble on. It is just common sence, and it will take you far in life.


GABES, As to why Mel Karmazin has not spoken up about this is simple to me. It is first of all as cos100 has put it. second reason is It has been said by many in the press and analyst, of which I will give the best one; You dont want to make alot of noise as you are tring to sneak across the boarder (Motley Fool, Mark M.) Simply put you are not going to say to the world that you are going to crush Terrestrial radio once this merger is approved, that just will not help your case with the FCC. On top of that Mel karmazin has always been known to, under estimate on over achieve.

[Slimsum]

163888 -- I've got a question which may be stupid but I haven't seen anyone address this: What About The Used Car Market??

If the radio's are already in the cars, no additional cost to Sat Radio. Right? And when Mel sees cancelations of car radios and the reason being given is the sale of the car and purchase of a new car. How much less will it cost to advertise to the 'new' owner a thirty day free trial when they call up and activate it with their credit card?

Sixteen Three, it just strikes me that there is a lot more money in those cars than first appears. And, as the price of the car falls, it brings in another demographic of buyer.

What are your thoughts in this area? Thank you.

[163888]

172623, You must be new, I have called that one about a month before it was even mentioned for the first time in the next quarterly conference report (I believe it was 2 or 3 quarters ago), in a post on a Barrons article. I have to say it was amazing they said almost the same thing I had posted about month earlyer. Basically it is a subscriber for nothing (they already paid for, but never converted). I said that there was going to be millions of them coming up in the next year and become greater as they go forward. I am not talking about just the ones that have had the service and are switching cars. What I was talking about was something even better all the OEMs that never converted after the trial ended. My theory was that generally people switch out of a lease every 2 to 3 years or sell the car after 5 or 6 years all those cars will be going to somebody that ether has a subscribtion and will add it to the family plan. Or people that never had it and did not want to pay 100 to 400 dollars for a radio, but would not mind spending 12.95 a month to try it. Tyler Savery had a good idea not to long ago (I think I heard it on Sirius Buzz Radio), which was after the merger to turn on all the radios that have been deactivated and give everyone a free 3 month trial. Then it would cost them almost nothing to get the new subscribers, from ones that deactivated to the ones that now own the used cars and never had satellite radio.

[163888]

172623, Just to be clear SIRI/XMSR will get them for free (subsidy was already paid to the OEM) but will still have to pay the revenue share to the OEM for each one. I know that seems unfair but that is the deal they worked out with the OEMs, The bright side is that used car dealers that a linked to the auto companies will push the subscription because of the revenue sharing. Where private dealers will not, because they get nothing for it.

[ace22]

I think apple could bennifit from making your ipod Sat. think of how conveient that would be both co. would benefit Siri stock would fly

[cos1000]

172623...Welcome to the game of figuring out all the possibilities that will make this technology financially successful. As far a metrics for operations go, the concept that you and 163888 are refering to will dramatically bring down SAC, subscriber acquisition cost, and will affect ARPU on any given month up or down depending on the mix of subscriptions that are paid for, lower ARPU with discounted subs, increase ARPU with premium subs. Bottom line its a growing crop for Sirius to market to and increase revenue with little additional cost. This is when the business gets to be fun, and being a stockholder profitable. Every year this company has radios installed by OEMs, the initial take rate of 50% becomes less significant because with this new group of used car owners, they get a second chance to convert.

[163888]

Ace22, The problem is who pays the subsidy for the chipset. Without knowing who is going to subscribe there could be alot of money wasted. Yes or no? What do you think. Unless they do something like they are with who is it, AT&T?

[163888]

well said cos1000

[Slimsum]

Thank you 163888 and Cos. Yes, am fairly new and had not seen that post you reference. But your explanation makes me even more determended to hang in there. In fact, just picked up a 1000 more shares at 1.98. Am buying my way down and holding for the long term. Again thank you for responding.

[killerkaul]

I'm here.......... Just taking it all in. Good Content. Will try for some more nails to my coffin today at 1.95s. Run Blue Dog Run!!!

[User 202507]

everyone who bought siri and xmsr getting destroyed..all kinds of 2 year tech support pierced..look at GM & FORD -collapsing...GM AT 1975 LOWS

[HOA DJIBOUTI]

Full Circle...always Full Circle......;)

[Mainah]

Is Wienkes in the Pocket of "Terestrial Radio"? Why is it every time we get good news (about Siri / XM Merger) that we have to get hammered by some negitive propaganda?

[killerkaul]

Bought at 1.94....... Have to look through my portfolio to see what I can sacrifice, for more Siri bargains before the end of month. Got a mouthful of nails, where's my hammer??? Hmmm.....

[User 202507]

KILLERRK - DO YOU REALIZE THE LOW ON SIRI WAS 1.97 FRIDAY...GIVE IT 3 DAYS..I DONT BELIVE THE BULLISHNESS ON THIS BOARD WHEN 2 YR SUPPORT BROKEN ON THESE SATELLITE DOGS...I WISH TO GOD I WAS WRONG BECAUSE IM GETTING HURT TOO

[User 202507]

TYLER YOURE PUTTING PEOPLE IN THE DAMNED STREET WITH YOUR 'ANALYSIS' -OUTWARD BULLISH STANCE...SINCE YOU JUMPED IN ON SIRI AND XM, THEY ARE DOWN 40%...HOW DO YOU ACCOUNT FOR THIS?

[User 202507]

TYLER SINCE YOURE 'LONG' SIRIUS, XMSR,...FOR DISCLOSURE PURPOSES, TO TO THE BENEFIT OF THIS BOARD...HOW MANY SHARES DO YOU OWN?>>?????

[chicago gary]

tyler is awesome. dont even go there

[163888]

202507, You cant blame killerkaul he knows a bargin when he sees one. Most of us here dont sweat the small shit. We are here for the long term. If you like to be bothered by the small swings then you should go to some of the message boards they play that game. I have seen alot of comments over there a few pennies ether way you get oh it is going way up, or oh its going way down. I have tried to bring reason over there, I have found out it is impossible. I think Goldman Sacs is given to much credit for not getting nailed in the sub prime mess. Besides How can you be getting killed unless you sold for less then you bought. If that is the case then that is your fault. You dont make or lose money on a stock until you sell it. Unless you are playing in the margin then that is still your fault, because you should not be playing in the margin period, but much less on a speculative stock.

[User 202507]

40% PLUS DOWN FROM WHERE IT WAS RECOMMENDED..YOUR POINT IS UTTERLY INVALID

[killerkaul]

RE: 20257, or whatever............ You wouldn't know a quality stock if it bit you. Go buy some countrywide. You'r all over these sites, however, you choose to read and assess nothing. It's obvious to me that you are a far left liberal wacko....... all emotion...did I say all emotion?, no common sense, and absolutely no regard for the facts about this stock, it's CEO, or this merger. You have info. spoonfed to you from Tyler, Cos1000, and 163888, and you choose to ignore all of it, you just close your mind, ears, and eyes, and stubbornly stick to the same tired mantra. I'm sorry your'e such a loser. W. Churchill, stated that "at 21 you should be idealistic enough to be a liberal, and at 30 you should have matured... and become inteligent enough to become a conservative. I suspect you are older than 30. It's time.............

[killerkaul]

Also.... Quit whining, it's starting to get on everyone's nerves.

[killerkaul]

ement is Relax everyone ....... Stock movement, for the most part, is based on the sentiment of the street, when you have the manipulation of the players involved { Lobbyists, NAB, Congress, FCC, Analysts, Shorts, etc.} over this long time period. The Street hates fear and indecisiveness. I'm really surprised that this stock isn't at $.60 by now. If you feel that sat radio is here to stay...... then back up the truck.... And don't forget your ace in the hole....If Jim Cramer has blessed the stock, Mel K. and the merger......then I say, along with everyone else that matters...... We have a winner!

[163888]

202507, I cant understand how you made it this far in life without having a heart attack. You know there are 2 other things that piss me off. They are people that say I made alot in this stock. I then ask really what did you sell it at, he says I have not sold it yet. I then reply then you have not made shit, get back to me after you sell it. The same thing gos for the people on the losing side. Calm down and keep your head on. If you believe in the satellite radio sector then this down turn is nothing. If the merger is not approved and it gos to 1.25 then that is not bad ether, if you believe in the sector. Now if you dont, get out now, you should have never been in it, in the first place.

Killerkaul, I never get tried of hearing that Chuchill quote. As you know I say it a little differently.

[davefromberkeley]

I think not enough has been made of the "music discovery" aspect of satellite radio. I've been an XM subscriber for going on 4 years and I've discovered countless "new" (new to me, anyway) artists that I might never have otherwise heard about. As a result, I've purchased music (MP3 and CD) that I might not have without hearing it first on satellite. In many cases (Melody Gardot is a classic example of this), terrestrial radio only begins playing an artist after they have developed a following elsewhere, including on satellite radio.

[chicago gary]

Well said killer kaul and 163888. thank you tyler for all of the info. it is ashame that dufuses like 202507 speak when they should listen. i guess thats freedom of speech. as i read up above.. run blue dog run.

[163888]

God Killerkaul nice comment, what do you think of mine. Can you believe I did not see yours before I wrote mine.

[163888]

davefromberkeley, You are going to have to cancel your satellite radio subscription according to Mark Wienkes. You cant have both.