Pegasus' Wings Getting Clipped

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Fahnestock & Co. started coverage of Pegasus Communications Corp. with a "sell" rating, saying any upside to a potential acquisition by DirecTV Inc. has already been priced in. Pegasus is up about 139% this year, Fahnestock said, and currently trades at about $1,205 per subscriber. Later, on Tuesday, News Corp. COO Chase Carey — who'll oversee DirecTV after News' buys Hughes Electronics Corp. — said he was open to all scenarios regarding Pegasus.

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