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New York, NY -- (SBWIRE) -- 11/13/2012 -- SIRI (NASDAQ:SIRI) was still a highly speculative player during the market crash in early 2009 when bankruptcy loomed and shares traded for a nickel, as mentioned above, the tide has turned these days and the stock is fresh off a run that sputtered just below the three dollar mark. No longer considered speculative, SiriusXM has become a major player in the radio entertainment industry with a lineup of unique content and personalities that keeps listeners and investors fully engaged. The share price run was also supported by Liberty Media’s methodically increasing position in the company that will imminently turn into de facto control of the company, pending FCC approval.
Like the speculative players, however, SIRI has also retreated in price. Even the big boys are vulnerable when the market turns bearish. The case can be made, however, that the overall story has not changed and that any current retreat in price could be viewed by enthusiastic longs as another opportune time to buy. Driving SIRI’s run over the past few months was the rebounding auto industry. Since much of SIRI’s business comes from ‘on the road’ consumers, any growth in car sales inherently increases SIRI’s exposure, especially since current deals place satellite radio services in roughly three-quarters of new cars hitting the roads. If consumer sentiment is growing, as indicated by financial reports leading into last week’s election, and the auto industry is still seeing a boost, then the long case for SIRI can still be made and the recent slide may attract new interest as current longs still accumulate.
The bears will continue to plead their case, too. A slew of insider sales last week may indicate that even the insiders may not see much more of an upside in this depressed market, which is concentrated more on the pending fiscal cliff than the overall state of the economy. There may be something to that argument, although any sales by CEO Mel Karmazin at this time should be considered a non-factor since he’s on his way out anyway.
Given the attention garnered SIRI over the past months with its invigorated runup, the insider sales and dramatic market downturn, this will continue to be a story to watch. As Liberty positions for control of the company and Mel Karmazin exits stage left, there may be some volatility in store — and that often means trading opportunities.
Sirius XM Radio I (NASDAQ:SIRI) reported EPS in 0.509. For the Current Fiscal year, the company is expected to report EPS of 0.54. For the Next Quarter and Next Year, the company is expected to report EPS of 0.02 and 0.10 respectively. At Current Market Price, SIRI is in the distance of +1.30% from its 50-day Moving Average price of $2.7444 and +20.14% from its 200-day Moving Average price of $2.314.
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