NEW YORK (AP) -- XM Satellite Radio Holdings Inc.'s losses soared in the fourth quarter on higher costs for marketing and acquiring subscribers, and a key director quit over disagreements about the company's direction, warning of a looming "crisis."
Investors punished the shares of the Washington, D.C.-based company, sending them down $1.27, or 5 percent, to close at $23.98 in very heavy volume Thursday afternoon on the Nasdaq Stock Market. They reached a 52-week low of $22.94 earlier in the day.
Of particular concern to investors was the unexpected departure of Pierce J. Roberts Jr. from XM's board of directors, who said in his resignation letter that he was "troubled" by the company's current path.
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Yahoo! News
Feb 16, 2006, 10:38 PM
