I was going to keep this one quiet initially, but the cat is out of the bag now, so I'll go ahead and post it: Bank of America analyst Jonathan Jacoby, as of today, is leaving the company after four and a half years.
Citing "the nature of the Street," Jacoby sent out an announcement to clients this morning. As a result, we will probably not see any more of his coverage on satellite radio (in the near future at least).
It's no secret that Jonathan has been a long-time critic of Sirius Satellite Radio Inc., having had sent 'open letters' to management criticizing the company of its lack of transparency (among other things). He's also been a longtime critic of the merger between Sirius and XM. As a result many Sirius investors despise his opinions - though it has to be said that he has been correct on many occasions, even if his view is not the popular one. Even in the analyst's circles, it's also been whispered about that Sirius has a strong dislike for Jacoby, and has shown this by not inviting him (or his colleagues) to analyst events, and if you've notice that Jacoby hasn't participated in the earnings calls... well, you can figure out why.
Still, at least for me, his opposing views will be missed.
Check out a portion of Jacoby's farewell letter after the jump...
From: Jacoby, Jonathan A
Subject: Last Day at BofAWith sadness (but due to the nature of the Street), today is my last day at BofA.
It has been a fun ride over the last four and half years. And an honor and a privilege working with all of you, as I have thoroughly enjoyed the day to day contact.
I look forward to continuing the dialogue shortly. Hopefully, this will be a short "respite".(personal contact information removed)
He just didn't want to be around when he missed the biggest call of his career.
Chicken.
Wow. I am almost sad to see him go, but man did he hate Sirius. It is hard to cover a stock after merger when Sirius won't let you....hmmm. Ha! I know, wishful thinking.
This is almost funny. I think that he found out that the merger goes through. His DC contacts must be very upset.
He left before the news. How convenient.
Hey, I am all for level headed opposing views, but he went way beyond. He had it in for Sirius. It was almost like a vendetta with him. I for one will NOT miss his opposing views or his "agenda". If ANY good news came out, he instantly posted a negative.
Now he's gone.
I say Good riddance! I don't want to hear his negative bashing the day of the merger announcement. :-)
He didn't hate Sirius. He just had a more rational opinion of it than the other analysts.
He is not the first analyst to criticize SIRI for its lack of transparency. In the early days, Marc Nabi (at the time, inarguably the best analyst of the sector), refused to attend SIRI's "analyst day" event, with a very public statement with words to the effect of, "If they're going to lie to us, why bother?" He was fired by Merrill Lynch who apparently realized they could make more money pumping Sirius (with a million neophyte shareholders) than they could pumping XM (with only a few thousand shareholders and most shares in the hands of professional money managers).
I hate to see Jacoby go because he counterbalanced some of the lesser analysts who were enamored by Stern and Karmizan. Jacoby seemed to be impressed only by the fundamentals, which is the way it ought to be -- at least, if that's what is being purported.
He didn't jump-he was pushed, along with 2 dozen other analysts.
Puh-lease.
I won't miss Jacoby at all. He was just like the NAB. He had an agenda plain and simple. His parting is a good thing. He's helped keep the stock down for awhile now, and I for one am glad his bashing won't be around as the merger is finally announced. The merger is good. Billions in synergies saved. Sirius is growing. It's party time. :-)
Don't let the door hit you on the way out!
Every time that guy opened his mouth, the stocks would drop. I swear, if it weren't for douche bags like him, the stock would be at $5 a share right now. I will not miss him. I'd much rather look at the market through rose colored glasses than have this guy tell it like it is. I hope he doesn't turn up elsewhere.
I'm sure the fact that BOA's profits dropped by 90% had something to do with their reduction in staff.
maybe XM is jumping out of the merger and he's interested in being the CEO of XM.
>>> I'd much rather look at the market through rose colored glasses than have this guy tell it like it is.
LOL. You and 1,000,000 other Sirius shareholders....
Jacoby, a voice in the wilderness, will be deeply missed by Mongo and those who appreciate his frankness and honesty. Jacoby is basically the only to ever call Mel on his bullshit.
Boardroom Jimmy
Hey! Jacoby's "Crap -Covered" glasses are just as bad as rose colored ones.
I stay away from both extremes. All I'm saying is the bashers have dominated and kept this stock down for too long now.
There are enough really great things about Sirius and this merger to lift it up much much higher.
If you can't acknowledge that, you're wearing the crap covered glasses and are no better than Jacoby. :-)
Couldn't have said it better Tim..... but would add that it would be a horrible thing to see him struck down in the middle of the street by a bigass delivery truck as he leaves BOA on his last day...sure hope nothing like that happens....no sireeeee....hate to see that.
Good riddance....i have nothing but disdain for the man. I am elated to the point of pissing on myself that BOA had such a horrible year.
Life is Good!
BTW...is it a surprise to anyone that Stackpointer thinks Jacoby was a straight shooter? LMAO
The problem is that SIRI investors only want news and info that will pump their stock up.
They don't want realty.
I'm sorry Banff....you're wrong. Sure, overzealous Sirius investors are no different than any investor. They can be alittle TOO biased. But on the flip side, so can the bashers. I don't think the bashers are living in "Reality" as you say either.
Us level headed folk however see the strong growth and value in Sirius. We don't lose ourselves in the hype, nor do we believe the bashers.
True, the bashers and shorts have had their fun lately. But the tide is turning. The shorts who are smart are covering. To not cover now is tempting fate, and as foolhardy as the so called pumpers you accuse of not living in reality.
What is this realty that you speak of banff21?
You're right we do want news and info that will pump our stock up. Last time I checked people invest to make money. Besides, Jacoby was inconsistent in his analytical comments and obviously biased.
Banff? Did I hear you correctly? Of course we want people to pum the stock up....its about making money ...not the company ......and yes they are separate.....I care not how the PPS rises only that it does...if it rises because of hype...there is no difference than if it rose bcasuse of earnings...bottom line is ROI.
Right. You all are selfish assholes who only care about your stock and nothing else.
You don't care about jobs.
You don't care about the product.
You don't care about fundamentals.
You only care that your stinkin' stock gets a boost so you make your money. Who cares if it's based on solid and honest business tactics. Who cares if it actually serves the public and benefits the world in some tiny way.
As long as it makes you a fucking dollar, you're happy.
GOOD RIDDANCE FAT ASS!
Now you got it Banff...Is there another reason to invest your own money other than to make money...Should I drag up a definition for "investment?"
duh? Notice in my post I did not use the F word...nasty boyy!
70 to 80% of mergers don't add value despite all the synergy ..etc claims. But in case of XMSR & SIRI, there has been so much absurd competition on the supply side of the programming with 100s of million dollar contracts with artists and sports programming channels. With merger, that competition will not be there and they can renogotiate contracts at much more reasonable price levels (though may be effective only for future contracts). Also, on the technology side, they will have better negotiating power with suppliers because it is in suppliers advantage to have single technology and broader market base.
As far anti-trust, it is not any more satellite radio market alone, true competition involves host of other options including new multimedia phones, PDA, newer-iPhones,..relying on internet and wifi, kind of technology,, and ofcourse not to mention MP3 and other mobile players.
As long as no one is paying premium for M&A, this M&A should help these two companies to plan for long-awaited profitability.
MM
Well, we got Jacoby walkin the plank today..... Now if we could lose Stackpointer and Hartleib. The Blogs will be nice and tidy. Hey Jacoby.... so long jerk-off.
Joe Workman... You sir...are a gentleman and a scholar!
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Well, we got Jacoby walkin the plank today..... Now if we could lose Stackpointer and Hartleib. The Blogs will be nice and tidy. Hey Jacoby.... so long jerk-off.
>>> Us level headed folk however see the strong growth and value in Sirius. We don't lose ourselves in the hype, nor do we believe the bashers.
Ha.
You see "strong growth and value in Sirius", yet you aren't lost in the hype?
What do you think the so-called "strong growth" is? When you have a company consistently overstating their growth (by a larger percentage with each quarterly conference call), that can only be described as "hype".
Good riddance.
Good riddance.