After a nice run up yesterday on an upgrade from Citigroup, XM and SIRI just can’t keep the momentum. The Citi research report said that more cars would be satellite radio receivers in 2007 and 2008 giving XM the opportunity to drive up its subscriber base. Citi also said that it liked the chances that the two companies would merge.
On the upgrade, XM moved from $15.35 to $16.70. But, today it is back down to $15.97. Sirius moved from $3.75 to $4.17. Today is changes hands at $3.88.
It may be that, in stark contrast to the new iPhone, Sirius and XM are companies that cannot attract consumers with hot new products. The lack of enthusiasm for the shares is palpable.
Maybe Howard Stern will start broadcastin on the iPhone.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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