Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
RADIO
XM SATELLITE LOWERS SUBSCRIBER-GROWTH FORECAST XM Satellite Radio Holdings Incorporated, the country’s largest satellite radio provider, cut its 2006 subscriber forecast yesterday, blaming softer-than-expected retail sales in the second quarter.
The Washington, D.C.-based company now expects to add more than 2.5 million net new subscribers in 2006, ending the year with 8.5 million subscribers. It had previously expected to add 3 million subscribers to finish the year with 9 million subscribers.
The lowered subscriber forecast lowered revenue views to $835 million and a loss before interest, taxes, depreciation and amortization of $235 million. The company said it remains on track to have positive cash flow from operations in the fourth quarter and for the full year 2007.
– Dow Jones Newswires
COMMODITIES
COMMODITIES FALL, LED BY COPPER, SNAPPING RECENT RALLIES Commodity prices fell, led by metals including copper and gold, on speculation that rising interest rates will slow economic growth and end a five-year surge in demand for raw materials.
Copper fell as much as 9% in London, where zinc slid 4.5%, and aluminum dropped 4.7%. Copper yesterday soared 12% on renewed concern about supply disruptions that sent prices to an all-time high this year. Gold had its biggest drop since 1993, falling more than 5% to $638 an ounce today in New York.
– Bloomberg News
