Cash For Clunkers, iPhone App To Save SIRIUS (SIRI)?

SIRIUS XM Radio (Nasdaq: SIRI) is trading slightly higher today as some see the company as a beneficiary of the "cash for clunkers" plan passed yesterday in Congress. The plan will give rebates of up to $4,500 for those trading in their old gas-guzzling autos for new more fuel-efficient models.

Most of XM Radio's subscribers come from OEMs (automakers), as the company has agreements with every major automaker to offer SIRIUS or XM satellite radios as factory or dealer-installed equipment in their vehicles.

If sales of new cars pick up from the "cash for clunkers" plan it will automatically help SIRIUS.

Yesterday, Sirius XM launched its much anticipated iPhone app to somewhat of a flop. While the app is the Number 3 most poplar free app on iPhone, users are upset that some top content like Howard Stern are not available currently. Users rate it a 2 out of 5 stars - not very good.

One of StreetInsider.com's principles reviewed the app yesterday, he said, "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."

Some insider selling was also noted yesterday.

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