The Five Dumbest Things on Wall Street This Week
5. Another Dog of a Press Release
Speaking of questionable writing in company earnings announcements, this week's Get To The Point Already Award goes to
Sirius Satellite Radio
Now, let's say you saw a press release entitled "Sirius Satellite Radio Announces Fourth Quarter and Year-End 2003 Financial and Operating Results" -- the title of a press release that Sirius indeed released this week.
Wouldn't you expect to read something in there about the company's financial results?
Well, so would we. But you have to dig pretty deep into the press release to find it.
You have to read past the part about subscriber numbers. You have to read past the part about the retail aftermarket channel. You have to make it past the "four feature-laden transportable Plug-&-Play receivers," the boating and trucking partnerships, the agreement with Penske Automotive Group, the National Football League deal, the backwards-compatible traffic solution, the Dolby Pro Logic II surround sound and the small translator module.
In fact, you've got to read past 17 paragraphs until you get to the real story: That the company, which has a market capitalization approaching $3 billion, reported $5 million in revenue last quarter. $5 million! In revenue!The net loss, of course, was much more impressive: $148 million. That's what we at the lab refer to, sports metaphorwise, as an air ball.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV