Market Overview

Tuned In On Sirius XM (SIRI)

Share:
Tuned In On Sirius XM SIRI

After breaching its previous 52-week high of 0.89, Sirius XM Radio (NASDAQ: SIRI) is approaching the fabled $1 mark for the first time since September, 2008.

I say fabled because SIRI investors have forgotten what being above $1 a share feels like. At one point the stock was as low as $0.05 a share. That's right; you used to be able to buy shares of stock of Sirius XM, a company worth $9 billion, for pocket change.

Now, though, it appears as if the tide is turning. The surprising resurgence in the domestic auto industry is spearheading a rise in Sirius stock that began back in March, 2009. Sirius XM grew its subscriber base in 4Q09 by 257,000 - 1.5% of its customer base. SIRI now claims over 18.8 million subscribers, a number that has swelled for the past two quarters.

It looks like SIRI is turning itself around, and while a good portion of any future growth is predicated on continued growth in auto sales, I think SIRI will break through the $1 mark very soon.

Posted-In: Earnings Long Ideas Markets Movers Tech Trading Ideas

 

Related Articles

View Comments and Join the Discussion!

Benzinga's Top ETF Decliners (SCO, DRV, ERY, SRS)

Moody's Cuts Kraft Outlook To Negative (KFT)