Car Sales Goose Sirius XM Stock To Yearly High
December 23, 2010 at 10:10 AM (PT)
The price of SIRIUS XM stock has reached a 52-week high today after a report from EDMUNDS.COM predicted that DECEMBER new car sales in the U.S. will also be the highest in a year. THE STREET.COM reports that other analysts believe the retention of HOWARD STERN is also helping to goose the stock price.
EDMUNDS, a website which predicts car sales, forecasts new auto sales of about 1.1 million in DECEMBER, up 30.4% from NOVEMBER and 10.2% from a year ago. Total 2010 sales should be 11.5 million, up from 10.4 million in 2009.
Mirroring that success is SIRIUS XM stock, which recently peaked at $1.69 a share, is up more than 145% over the past year.