Rogers Communications (RG) shares began trading on a 2 for 1 split adjusted basis yesterday when the company also announced preliminary 4Q06 subscriber statistics for their wireless and cable operations. Wireless subscriber growth was in line with Street estimates with a surprisingly low churn rate. Low churn ahead of the pending roll out of number portable in Canada is a good thing as it might indicate that RG is locking up its subscribers. Low churn and in line subscriber additions might also be good for 4Q06 wireless EBITDA. In cable, subscriber metrics were also largely in line with estimates. VOIP Telephony, the current growth driver, saw better than expected subscriber additions while basic and digital subscriber additions were each slightly short of estimates. RG reports its full results later this month. Based on the preliminary subscriber report I see no reason to alter my buy recommendation or target price of $36.