Hopes Smashed: Sirius XM Satellite (SIRI) Investors Get Double Whammy
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Sirius XM Radio (Nasdaq: SIRI) launched its iPhone app today to much anticipation. In fact, shares of SIRI rose 23% yesterday in anticipation of the feature. This was the biggest move in the beaten-down stock in months. But today users and investors were disappointed. Users were upset that shock-jock Howard Stern wasn't available. Investors were disappointed as the shares ended down 14%, giving back a majority of yesterday's gains.
Adding insult to injury, Sirius investors got a double-whammy after the close. Data showed that five Sirius executives used the recent pop in the stock to dump shares. CFO David Frear sold 191,260 shares, VP Dara Altman sold 136,620 shares, Officer Scott Greenstein sold 232,250 shares, VP Patrick Donnelly sold 232,250 shares, Officer James Meyers sold 273,230 shares. OUCH!
I had high hopes for the Sirius iPhone app and it is pretty nice. I'm not a big Stern fan, so no big deal there, but I was hoping CNBC would be on the app. It's not, but they have Bloomberg news and I have to admit that I was impressed. As I walked up to my office I had the radio on and was able to catch a few good tidbits during that 5 minutes that I normally wouldn't have. One potentially BIG problem though is that when the radio was on I was not able to receive phone calls (went right to voicemail) or texts. I don't know if this was a bug or if the technology doesn't allow it. Either way it is not good.
I give the Sirius app a "B-", nice but not a game changer.
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Double whammy to SIRIUS
Please allow me to retort.......If you had bothered to do just a little research....you would see that all thoe who sold shares did so as part of a 10b5-1 sales plan in connection with receiving shares in lieu of bonuses in cash. It is not due to negative sentiment toward their company as you attempt to suggest in this less than thruthful attempted smear at SIRIUS. Honestly how do you sleep at night knowing that you are misleading people with bogus and innacurate information. SIRIUS XM has just become a global growth story with the addition of the iPHONE...yet you want to now slap the company for not having Howard Stern on the iPhone immediately! In another ironic twist of fate....many articles have come out over the last few months insisting that Howard was not a factor or game changer anymore....well those intelligent enough to do some research and reading know you can't have it both ways...and this article is at best one persons untruthful opinion....nothing more! Feel free to contact me at SATWAVES should you like to expand the conversation and I suggest you read the following: Explanation of Responses: ( 1) The restricted stock units vest in twenty tranches on: 5/20/09; 6/4/09; 6/18/09; 7/8/09; 7/22/09; 8/5/09; 8/19/09; 9/3/09; 9/18/09; 10/2/09; 10/21/09; 11/4/09; 11/18/09; 12/3/09; 12/23/09; 1/6/10; 1/21/10; 2/5/10; 2/18/10; and 3/4/10. The Company has reserved the right to accelerate the vesting of these restricted stock units. Mr. Greenstein has adopted a 10b5-1 sales plan pursuant to which he intends to sell the common stock received by him on each of the vesting dates. ....which is relevant to every single sale from insiders who sold this week and can be found on all their form 4s. Enjoy and have a pleasant and better informed weekend
Insiders Have Set Up An Automated Selling Program
It's been going on for months now. Each and everyone of the officers that you mentioned still owns at least two million shares. What sloppy journalism!!
Tax Purposes My Ass!!!
you must be one of those fools that bought the stock when it was at $10. This things is dead. Everyone knows it. Sell while you can - that's what the insiders are doing.
MY SON IS STUPID
Please forgive my son for writing this nonsense. He was either paid to write this crap or he forgot to do his homework. The insiders are selling for tax purposes. This has been disclosed and is going to happen every month for the next year and a half. The author here is really unintelligent to say the very least.
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get sirius
bob rinaldi on Jun 19, 2009 12:04 PManother crap article that gives journalism a bad name get sirius