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CHICAGO (AFX) - Most media and entertainment stocks, including both satellite radio companies, were lower Friday though the broader market began to rally.
New York-based Sirius Satellite Radio said it lost $311.4 million, or 23 cents a share, compared with a loss of $261.9 million, or 21 cents a share, in the same quarter a year earlier.
Revenue rose to $80 million from $25.2 million.
Analysts polled by Thomson First Call were looking for a loss of 22 cents a share on revenue of $75.7 million, on average.
But Sirius shares were down 5.6% at $5.33 in Friday afternoon trading, while rival XM Satellite Radio, which fell 5% on Thursday, lost another 9% to $21.78, putting it among the top percentage losers on Nasdaq.
The fears that haunted investors after XM reported earnings on Thursday appeared to spill into Friday's reaction to Sirius, analysts said.
Meanwhile, most diversified entertainment stocks were lower. Time Warner was down 1.5% at $17.71. Billionaire financier Carl Icahn has decided to give up his campaign to force a breakup of the company because he may be able to reach a settlement, according to a Wall Street Journal report.
Among other large-cap entertainment concerns, Sony was down 3.3% at $46.14; Viacom was off 0.5% at 43.39; and Walt Disney Co. was off 0.6% at $26.90. This story was supplied by MarketWatch. For further information see
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