Sirius XM Stock Slips Under $1 Again
March 2, 2010 at 5:20 AM (PT)
SIRIUS XM SATELLITE RADIO may have reported positive financials recently, but its stock is still problematic. Just last week (NET NEWS 2/25), SIRIUS XM RADIO has announced full-year 2009 results, including pro forma 2009 revenue of $2.53 billion, up 4% over 2008 pro forma revenue of $2.44 billion, and pro forma adjusted income from operations of $463 million, versus ($136) million in 2008.
SIRIUS XM's stock had topped the dollar mark recently to maintain its NASDAQ listing and stayed there for eight of the required 10 days to regain compliance. However, THESTREET.COM reports YESTERDAY (3/1), "SIRIUS dropped 13 cents to close at 89 cents. It now needs to close above $1 TODAY and each day for the next 10 to regain compliance by the MARCH 15th deadline. Should the company close below $1 TODAY, the company would be unable to regain compliance from gains alone since the deadline is just 10 business days away."
THE STREET writes that SIRIUS will likely need a reverse stock split to regain compliance with the NASDAQ exchange.
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[Is SIRIUS XM's stock price just reflective of today's business climate, or does satellite radio have deeper issues? Comment below and let us know!]