Consumer Electronics
GM (GM) Taking Sirius (SIRI) Down To Zero
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Correction: Based on the financial contribution of GM subscribers to the Sirius P&L, the satellite radio company would not have an immediate loss of earnings if it were not selling product through the large auto maker.Our recent comments on the SIRI stock and financials were recently here and here. 24/7 regrets the error. Shares of Sirius are down 6% as of this post trading at $.1522.
Fears that GM (GM) could go into Chapter 11 are driving Sirius XM (SIRI) shares toward zero. The stock hit $.20 today and closed off by 13%.
Sirius relies on car manufacturers for the majority of its new subscriptions. The odds are remarkably high that if GM does not make it, neither will Sirius.
Douglas A. McIntyre
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