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Short Take: PanAmSat stock down on sales forecast

The satellite communications company PanAmSat said in an SEC filing that revenue from at least two satellites "will be at reduced levels." PanAmSat also said it would modify its plan to expand and restore the capacity of its satellite fleet. Last year the company failed to provide service for millions of pager users and suffered battery problems on a satellite in separate incidents. Stock in the company fell nearly 17 percent yesterday and is down another 3 percent today.

The satellite communications company PanAmSat said in an SEC filing that revenue from at least two satellites "will be at reduced levels." PanAmSat also said it would modify its plan to expand and restore the capacity of its satellite fleet. Last year the company failed to provide service for millions of pager users and suffered battery problems on a satellite in separate incidents. Stock in the company fell nearly 17 percent yesterday and is down another 3 percent today.