Sirius XM Radio Inc. (NASDAQ:SIRI): Current price $3.71
On Thursday, Sirius XM Radio said that it will pay $530 million in cash for the vehicle services division of Agero. The unit provides services like roadside assistance and alarm notification. The acquisition, which should close in the fourth quarter, forms part of larger drive by Sirius to built out beyond music to areas such as automotive safety, vehicle tracking, and roadside assistance. Agero serves more than 75 million auto owners through partnerships with auto makers, insurance carriers, and others.
Ford Motor Co. (NYSE:F): Current price $16.43
Ford Europe sales chief Roelant de Waard reported in an interview with Reuters that pricing pressure on the Continent will remain intensive until sales volume recovers substantially, even though Europe’s car market might have bottomed out. Industry executives now hope that they have passed a corner while second-quarter results indicated that carmakers are getting a grip on costs, but still, they must offer incentives and discounts to underpin sales that cut into profits. According to de Waard, who said that sales in the Ford Europe’s 19 core European markets rose by 8.7 percent to 90,000 vehicles in July, ”From a pricing perspective I’m not seeing any relief at the moment yet. All customers seem to be aware that we are in a recession — as an industry, as a region — so they’re expecting very good deals.”
Micron Technology Inc. (NASDAQ:MU): Current price $14.16
Baird anticipates that second half semiconductor orders will be below seasonal after a trip to Asia, now expecting total PC units to decline into the teens, citing weaker third-quarter DRAM expectations than the supply chain had expected 1 to 2 months ago. The analyst firm also foresees analog IC inventories rising at distributors, along with continued smartphone weakness. In response, Baird downgraded Micron Technology from Buy to Neutral, but maintained its price target of $17.