After saying that it would miss year-end subscriber targets, Sirius took a big stock price hit. Over the last few days it has continued to drift down, and, at $3.79, is near its 52-week low.
And, matters have gotten worse. Research firm Sanford Bernstein cut the stock from “outperform” to “market perform”.
XM has brushed off a merger with Sirius. Maybe they think they can get it at a better price later.
Sirius has not gotten much credit for announcing that it will launch a live TV system for cars next year.
Unfortunately, Sirius has had very little to say to combat the perception that things are going badly. Ther is some concern that earnings for the last quarter of the year will also be disappoint.
If nothing else happens, Sirius could make a new low before Christmas.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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