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 Shares of Sirius XM Radio Inc. (NASDAQ: SIRI) ended flat Monday, despite the bankruptcy filing of mega-customer General Motors Corp. At some points during the day, the stock was actually up more than 5% before closing flat. Granted, there is not much further for the stock -- worth exactly a dime and a quarter per share -- to fall. GM does so much business with the satellite radio operator that the president of the automaker's OnStar safety communications unit, Chester Huber Jr., sits on Sirius XM's board. Sirius XM chief Mel Karmazin acknowledged the potential for a Chapter 11 filing during the company's May earnings call. Sirius XM has recently extended its agreements with GM through 2020 and negotiated better economic terms. "We are rooting for General Motors and, again, our modeling also could anticipate the fact that General Motors could also file a bankruptcy," Karmazin said. "So, if in fact that occurred, that would not be a surprise to our financial performance at the company." During the day, Sirius XM stock traded as high as 37 cents, before closing even at 35 cents. Miller Tabak + Co. analyst David Joyce said, "Generally the markets in a better mood today." Getting satellite radios into cars is a major factor underpinning Sirius XM's outlook. "Even though there are fewer autos being sold," Joyce said, "there are more models with satellite radio available." - Chris Nolter
CategoriesComments
From: rob,
it didn't drop today because it's been priced in for well over a week.
Posted on:
June 1, 2009 7:53 PM
From: chairman ceo,
*SIRI projected @ $1.+ next month.* Siri xm stock is projected to exceed $1.+ per share next month, John Malone & company and by that I mean the man, his capital and the resources he has allocated to make this company work are first on the list. Second is the fact that even with the major auto decline Siri xm had a positive 1 qtr and with restructuring efforts efficiency & cost effective measures are being implemented daily. Revenue from the used auto market is being actively targeted by this company and soon there will be a free version of satelite radio with advertising revenue being generated. Local advertising on the music channels on direct tv & dish networks have potential also. 2 qtr is the end of june and siri will be be going stong, the additional 1 billion is common stock is enought to pay off this companies debt when the stock price reaches $3. per share. The bottomline is Siri xm is here to stay and shall become profitable Siri is the stock to buy while you still can because $10.+ in 2011 is the internal focus for the company and once the merger & financing debt is gone there shall be no major obstacles to overcome! For the record I am in @ 6.5 mil shares of common and shall acquire an additional 3.5 mil throughout next week. Allocation is 50% long and 50% short. *disclaimer: if you are not a current shareholder or are a disgruntled former shareholder who was day trading or just someone who likes to give his opinion where it doesnt belong between watching porn and living in moms basement : NO ONE CARES SO SAVE THE B.S…. Cordially,
Posted on:
June 1, 2009 8:22 PM
From: John La,
Sirius XM as a tiger getting ready to break from it's cage. There's so much potential and so little to stop it. The iPhone app will let you listen even when traveling across the pond, out of bird range. I believe the word is 'Patience' John La
Posted on:
June 2, 2009 12:09 AM
From: vinay,
Hi,
Posted on:
June 3, 2009 11:43 AM
From: chairman ceo,
Siri xm Rated strong buy this week! While volume has been relatively low and current after hours is .33 the smart investor is acquiring this week because a rise is to come and as institutional investors start buying upon anticipation of the apple release & earnings there will be significant movement. The key is buy low and sell when the gains are satisfactory then reposition holdings,Do not make the mistake of holding out or trying to jump on once the action starts because no matter what the stock goes to there shall be a drop as the institutional investors sell. RE:SHORT ROI is relative to capital but regardless, If you do not see a minimum The Ends,Means & ways; ask and you shall recieve. cordially, chairman-ceo
Posted on:
June 3, 2009 6:36 PM
From: vinay,
@Chairman
Posted on:
June 6, 2009 12:47 AM
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and again!
Not one word about the iPhone subs. How many downloads will occur? How many new subs could happen on day 1? and, isn't it suppose to happen soon.
tisk, tisk.
You can't expect us to ignore the new direction about to happen for SiriusXM.