Sirius XM (SIRI) Stock at New 52-Week Low of $0.16
Shares of Sirius XM (Nasdaq: SIRI) are getting absolutely slashed today, currently down 17% to just over $0.16. No, that's not a typo. That's right... $0.16.
Investors may be selling Sirius XM stock today as a play on the extremely concerning outlook at Detroit's Big 3 automakers. The story is unfolding on Capitol Hill today, where executives from General Motors (NYSE: GM), Ford (NYSE: F) and Chrysler are testifying to Congress. The sentiment coming out of DC is not reassuring, to say the least: shares of GM and Ford are down 15.5% and 24%, respectively, which may explain part of Sirius XM's sharp downside move today.
Since the FCC cleared the merger between Sirius and XM on July 29, Siriux XM stock has lost an astonishing 90% of its value, falling from a multi-billion dollar company to about a $500 million company. With shares of Sirius XM moving as low as $0.16 today, the stock marked a new all-time low.
Sirius XM Radio, Inc. provides satellite radio services in the United States.
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