David Joyce's Bad Day Gets Worse
On September 30, 2010, Miller Tabak's David Joyce downgraded Sirius XM from Buy to Hold and maintained his $1.25 price target based on "valuation concerns." He also enlightened us with his forecast of 99,000 net-adds for Q3-10:
On September 30, 2010, Sirius XM announces official release of the XM Snap, a simple in-car satellite radio receiver that can be easily installed by just plugging it into your vehicle's power port;
On September 30, 2010, after the bell, S&P places Sirius XM on Credit Watch Positive . . meaning an upgrade in the Company's credit rating is probably imminent;
On October 1, 2010, speaking at Liberty Media conference, Mel Karmazin raises guidance to 1.3mm subs for 2010;
On October 1, 2010, Opie & Anthony extend contract for 2 years under terms favorable to management;
On October 2, 2010, Rick Sanchez' firing from CNN due to remarks made on Sirius XM draws national media attention (aka free advertising!).