Is Citigroup Laying Off Analysts?

Reports are coming in that Citigroup (C) is laying off analysts globally and is cutting the number of companies it covers by 7%. 11 U.S. analysts are reported to have been given their walking papers today including the departures of Joshua Attie, Brad Ball, Shannon Cowherd, Chip Dillon, Paul Heldman, John Hill, Paul Mansky, David Raso, George Shapiro, Tony Wible and Leone Young. A person familiar with the matter said Paul Heldman was also laid off.

Coverage of some stocks will be moved to other analysts but SIRI will not be one of them. A report from Satwaves.com reveals that Citi has dropped coverage of Sirius XM (SIRI) stating:

• Tony Wible has left Citi. As a result, we are discontinuing coverage of Sirius XM Radio Inc (SIRI).
• The firm’s last recommendation for the company was Buy/Speculative Risk and our target price was $3.75.
• This was our last rating on Sirius XM Radio Inc; we have not provided, and will not be providing, updates to our previous research or ratings. Because facts and circumstances may have changed, the information and analysis contained in this research may no longer be applicable or accurate. Accordingly, you should not rely on this or previous research with respect to this company going forward.

Tony Wible has been the most bullish anaylst of Sirius XM, and he will certainly be missed here at SiriusBuzz.

Comments

[killerkaul:]

Calm down everyone................. siri is still a screamin buy. The guys are just working on averaging down to maximize future profits, middle to end of Nov. upswing . Get to work on buying more at these penny prices. The Dog and I have "GS" backed into a corner as we speak,................... from the looks of the Dog they're not comin out. ... killer.

2008 Oct 16 02:28 PM

[GetSIRI:]

Killer - if averaging down is the battle plan, pull the dog back and let the GS guys walk. They release another negative report, we all buy more stock, then the dog returns and rips their throats out one by one as we all get rich.

2008 Oct 16 03:25 PM

[SIRI, go up!:]

I will die.

2008 Oct 16 03:28 PM

[SIRI, go up!:]

If you want to die as soon as possible, buy SIRI.

2008 Oct 16 03:29 PM

[Mr. Stupid:]

Seen bankrupt companies trading higher. Market was up over 400 today and Sirius? Down 3 cents. Now that's pathetic.

The title of this article is a joke. I at first thought someone had posted an old blog. By this title I guess we all have been in coma that last 4 months and didn't know the merger had gone through.

2008 Oct 16 05:11 PM

[still sirius:]

225305

What a dipstick you are...Did you even read the article. It has nothing to do with the merger...What an idiot....Please go trolling in someone else's backyard...I think that I can speak for most everyone else on this blog...Go away...and take Siri Go Up with you!!!

2008 Oct 16 06:53 PM

[cos1000:]

Hey guys, averaging down is my plan but I am not doing it with new money anymore. We need to get 3rd qtr out of the way and some solid news on the refinancing. I sold shares at .53 on Monday and bought back today at .41 today. Never seem to catch the actual top or bottom but at this price a .12 cent swing is a 25% increase in shares. Sold around 12K shares and picked 15K today. That's about all you can do while you wait for execution on business plan, refinancing etc. The market is volatile and all you can do is take advantage. Can't worry to much about being exactly right on the up side or on the down. Set a percentage and stick to it. Greed is the only thing that will have you miss accumulating shares. The big pay off for your work will come when the company executes well and refinances debt.

By the way this article is not news of any real concern. GS is in control as stated above by s162. When they turn to the up side this stock will run. They hold a lot, 127M worth, of the Feb 09 debt. When this debt goes away look for GS to turn long on this stock, even a very cautious Market Perform from Weinkes going to 1.25 - 1.50 target would be a great sign. I wouldn't expect anything like that until Mel has the debt resolved.

I posted this on the other article this morning but haven't heard much discussion about it. I guess all the focus is on Paulson buying bank shares for us citizens:

SEC Imposes New Short Selling Rules:

sec.gov/news/press...

The Commission's actions will apply to the securities of all public companies, including all companies in the financial sector. The actions are effective at 12:01 a.m. ET on Thursday, Sept. 18, 2008.

"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," said SEC Chairman Christopher Cox. "The Enforcement Division, the Office of Compliance Inspections and Examinations, and the Division of Trading and Markets will now have these weapons in their arsenal in their continuing battle to stop unlawful manipulation."

There is more in the article and additional rules that were adopted. The complete set of rule changes are located at the link above.

2008 Oct 16 07:12 PM

[cos1000:]

killerkaul, I didn't have the nerve to keep my buy at .39. Probably would have gotten it but I was happy with .41. Who really knows? I got to admit I was nervous with my shares turned to cash, what little is left. I Did knock .10 / share of my cost basis and I guess that's what's important right now as you already know.

still sirius, nicely said.......

2008 Oct 16 07:39 PM

[killerkaul:]

Cos ............. do you think that the SEC will do a good job of reinforcing this new ruling, or wait till the public has forgotten what has been done to them, so that they can again turn an arrogant blind eye to the shorting. Just curious.

2008 Oct 16 07:41 PM

[still sirius:]

Cos1000

The link you listed above did not work. Are there new shorting rules going into effect. Does it affect sirius?

2008 Oct 16 07:54 PM

[still sirius:]

Posted on a sirius buzz blog...Shareholder meeting in Dec to require vote on further diluation of sirius stock from 4.5B to 8B shares and reverse split of 10/1 - 50/1. getting real nervous!

2008 Oct 16 07:57 PM

[still sirius:]

Tyler/Brandon

Do you have any insight about the shareholders meeting in Dec?

2008 Oct 16 08:14 PM

[cos1000:]

I recopied the link from the other article. Try this:

www.sec.gov/news/press...

2008 Oct 16 08:26 PM

[cos1000:]

killer...... I really don't know. I do feel the change in regulations puts the ability to enforce and punish in place. It also puts more penalty on the Broker Dealer, eliminating their ability to short any stock not just the one the violation was recorded for. Its a start..... with a new administration coming in a lot can get lost in the shuffle.

still sirius, thanks for the heads up on the annual meeting and those amendments to be voted on.... just started reading the filing and must say it concerns me without some further explanation.

2008 Oct 16 09:04 PM

[still sirius:]

Cos1000

Do you think that this is Mel being Mel and trying to use the dilution to gain a better financing deal. I don't understand the ins/outs of the debt issue. I do understand that dilution and a reverse split would destroy what little value we as shareholder s have. Any thoughts!!!!!

2008 Oct 16 10:48 PM

[still sirius:]

Post above should read fully underdstand the ins/outs of the debt issue.

2008 Oct 16 10:49 PM

[James Wilson:]

Any anal st who did not see the collaspe of housing never got out of the office and was only a cheerleader for who ever paid him. Just one check into the business operations of Country Wide would have shown a constant over valuation of propertys by 30% at least.

My 10 years old would have been a better anal st

2008 Oct 17 08:11 AM

[cos1000:]

still sirius, I share your pessimism on the dilution of shares through both actions being asked for by Mel and the Board. The reverse split authorization does not mean that it must occur. Next week we are going to get a notice of non compliance from Nasdaq and the 180 day clock will begin to tick. Appeal this 180 day and getting an extension for another 180 days requires a written plan to bring the stock price above a $1. The reverse split would be included in this plan. A lot can happen prior to a RSplit and seeking authorization is prudent at this time but heightens my apprehension. The additional shares is also required in order to have all options for financing open but does not bode well for common shareholders.

I need to hear from Mel before I can decide how or what I will do. I find it very difficult for me to support either action. I am not a fan of either reality but here we are.

2008 Oct 17 08:31 AM

[still sirius:]

Cos1000

Do you think Mel will actually address this in the qtr3 conference call? Was planning to average down again...On hold now.

2008 Oct 17 08:50 AM

[notsosmart:]

if you get rid off all the anal sts. who would miss them? not me.all phonies & not to be paid attention to.(bad sentence,sorry).think for yourself. all have an agenda.if they were any good they would not be working but out on their yachts.

2008 Oct 17 10:04 AM