This is a bear market and a recession, yet it still feels like Winston Churchill calling the actions of Russia as "a riddle, wrapped in a mystery, inside an enigma." When you look at SIRIUS XM Radio Inc. (NASDAQ: SIRI, Stock Forum) this becomes only too evident. We rarely cover penny stocks, but SIRIUS has only over the last month become a penny stock. Today is even worse. Shares touched 25 cents right after 2:00 PM EST today.
What is amazing here is that the company keeps getting hit for the same reason, over and over, day in and day out. Let's see ... slowing autos perpetually, a weak consumer, high debt loads, inability of companies to tap the capital markets, media, a recession, and more. About the only thing that you can't attribute to the SIRIUS issue is rapidly slowing trends in the "BRIC" economies of Brazil, Russia, India, and China.
The shares are currently trading down at 26 cents, a drop of 17%. If today's drop holds, then SIRIUS will have closed down 13 of the 17 trading days we have had so far in October.
To continue reading this story, please click
here.