Is Citigroup Laying Off Analysts? 34 comments
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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.
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This article has 34 comments:
lol
The reason Citi does not reallocate the coverage is because it would be senseless at this time for them to do so. They are restructuring and consolidating and will focus only on the majors right now. SIRI is unto themselves a this point. Their survival, viability, and all the rest are in their hands. Rick or Doug's stupid opinions are as worthless as Tony's at this time. It is ALL on SIRI--period. They either are going to execute and make this whole thing work for them or not. We will all see. I believe they will.
To add to the intrigue this week, now we finally have words from Mel and can only take him at his word. An article was posted yesterday regarding the stark difference between Toyota's head guy and Mel. Toyota's current outlook is dire and gloomy while Mel is the glass half full saying he can get it all done for the company, even in this environment. Is Mel just a delusional salesman or can he back up what he says unequivocally? I have thought about this since reading the article yesterday and I have come up with this logic. I believe Mel would be glass half empty if that were warranted. We have already seen them do that in their last guidance call and in the media. Yes, Mel is an eccentric guy and hard to read at times because his track record of public comments isn't what one would call "always level-headed". Is he being overly optimistic? Well, you have to look at things this way. This is a crap environment for everyone. Every company has only two choices: to either spin optimistic or pessimistic. If I were needing to make a choice, I would always pick the optimisitic (if it were the truth). So keeping that in mind and adding new logic, I'm on board with Mel as I always have been. I like that he's being optimisitc. More than I could say for Bernanke or Paulson. Nothing wrong with optimism if it's truely at the root. If as the head of anything, if you don't say "I believe," who else will? As for Mel, I think if it were all that dour, he would say it. I don't think he would be able to contol himself. Mel has never been a fantasy guy. He tells it like it is pretty much all the time IMHO...
As far as analysts go. Besides GS, NO analyst opinion means jack anymore (in case you haven't noticed), so no worries about Tony. Maybe he'll show up for another firm and inititate on SIRI. For that matter, if SIRI delivers in upcoming months, not only will others intiate, but you will also see Citi re-initiate. All firms want the pub of covering winners and success stories. If (when) SIRI proves once again to be that, the media and analysts will be banging the door down. Also keep in mind, Cramer still looms out there in the weeds where SIRI is concerned. Back in August, in his last references about SIRI, he said, stay away from teh stock until after the refi. Once this is complete, I suspect he will be back on the bandwagon telling all his sheep constituency that SIRI once again looks like a buy buy buy! That would be better than anything Tony W. has ever done for SIRI stock--no offense to Tony, he has been an appreciated ally! Thanks Tony and good luck to you wherever you go from here.
Oh and as an aside to TMF's Rick A., he is now using our beatdown comments for his own stories. Meaning he's out of material, so he will use ours. Knowing that, I will no longer be posting on his articles. I offer others consider the same. Why help him keep his job? I'd rather just let him twist in the wind until he's forced out due to being a hebitude.
Ping
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.
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!!!
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.
still sirius, nicely said.......
The link you listed above did not work. Are there new shorting rules going into effect. Does it affect sirius?
Do you have any insight about the shareholders meeting in Dec?
www.sec.gov/news/press...
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.
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!!!!!
My 10 years old would have been a better anal st
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.
Do you think Mel will actually address this in the qtr3 conference call? Was planning to average down again...On hold now.