It was just late yesterday that we issued a “what to expect now” outlook on SIRIUS XM Radio Inc. (NASDAQ: SIRI) after it hit the $2.00 mark for the first time July-2008. Apparently the theory of stocks “breaking the buck” hitting new milestones does matter after all. This morning we have an analyst downgrade… Lazard Capital cut the rating to “Neutral” from “Buy.”
As you can imagine, this is a valuation call rather than any new smoking guns. We have seen that short sellers hit a new high in SIRIUS XM short-selling activity.
In our own outlook yesterday afternoon, we concluded… “At a minimum, it would seem that many SIRIUS XM holders who have been in the stock for less than three years would exercise some prudence and lock in at least some profits. It now may take new buying interest from a pool of new investors for SIRIUS XM to continue running higher and higher.”
Amazingly, SIRIUS was only down a penny on this downgrade at $1.96 pre-market before 9:00 AM EST, but now we have shares down 1.2% at $1.94 on only about 2 million shares so far with about 15 minutes to the open. Also, not much has changed here but there was a good hit in the “10 Hidden Gems in the SIRIUS XM Annual Report.”
SIRIUS XM has set the date of Tuesday, May 3, 2011 in the early morning for its earnings results. That is now less than a week away.
You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.
JON C. OGG
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
