Sirius' (SIRI) Karmazin Says 'No Plans Right Now' for a Reverse Split

October 16, 2009 11:32 AM EDT
Currently presenting at an investor conference, Sirius XM's (Nasdaq: SIRI) Mel Karmazin, CEO of the satellite-radio provider, said that the company has "no plans right now" to do a reverse stock split. With shares of Sirius languishing under a dollar for the last year, a reverse split has been one of the most-heard rumors on the Street related to Sirius.

Karmazin also told the audience that performance over the last few months has been helped by the "Cash for Clunkers" program. Over the course, shares of Sirius surged more than 40% from around $0.42 on July 27 to near $0.60 today. Good call, Mel.

Turning more toward future plans, Sirius' Karmazin said that the company is considering activating what he called "idle radios" for promotions and also said they are looking at offering a traffic information service.

After opening about flat from yesterday's open, shares of Sirius are currently up about 2.7%, possibly on the Karmazin comments.

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