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News briefs: January 2
Posted: Thu, Jan 3, 2002, 10:13 AM ET (1513 GMT)
- Shares in XM Satellite Radio fell by nearly 10 percent Wednesday after brokerage Salomon Smith Barney downgraded the stock. Salomon analysts said that the downgrade from "outperform" to "neutral" was prompted by the belief that the stock price had become overvalued, not because of any business concerns with the company itself. The stock closed at $16.73 Wednesday; its 52-week high is $21.06.
- Boeing Satellite Systems (BSS) announced Wednesday that the US Navy has modified its contract with the company to permit the construction and launch of another UHF Follow-On communications satellite, UFO F-11. BSS also announced it exercised an option on its existing contract with International Launch Services to launch the satellite on an Atlas 3B booster in late 2003.
- Griffith Observatory in Los Angeles will close Sunday for a three-year $66-million renovation of the aging facility, the AP reported. The facility, built in the Hollywood Hills in 1935, is one of the most popular tourist sites in the city, in part from appearing in a number of films, such as "Rebel Without a Cause." The renovation will include the construction of a subterranean exhibition hall and a 200-seat theater named after actor Leonard Nimoy, who contributed $1 million towards the renovation effort.
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