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Sirius XM Holdings Inc. (SIRI)
NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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As of 11:49AM EDT. Market open.
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How are businesses losing money when they can just ‘price gouge’?
Shares of retailing giant, Walmart, continue to be pummeled. The reason for the carnage? The company said on Tuesday that its profits had been slammed by higher costs on everything from products to shipping to labor. As a result, net income for the quarter through April fell 25% from a year ago.
Target's latest quarterly profit was halved compared to a year ago. The company’s sales grew 4% to $25.2 billion in its fiscal first quarter that ended April 30. But its cost of sales grew more than 10% and general expenses also grew sharply, with executives citing record fuel costs as one example.
As inflation has surged, ‘price gouging’ has become a popular bogeyman. This argument says that prices are rising because business owners are greedy. Exactly why business owners have suddenly become more greedy in the last year or so is left unexplained...
Another pleasant Sunday morning reading the wisdom of the Wizard of Doom - Whitney.Sadly I doubt he'll achieve his goal of double-digit "thumbs up" and I sense that is hurtful to him (or her).The Wizard is a linear thinker. I sort of miss the days when he/she was more creative, trying to tie SIRI's price forecast to the Bank of China's mortgage forfeiture rates, or the price of copper in Zaire, or the value of the Vietnamese #$%$ vs US dollar. Now s/he is all-in on fibonacci (or was that fettucine?) and institutional holdings of SIRI. My view is SIRI's ultimate price will be determined by its intrinsic value - the price someone would pay for its satellites, spectrum, content (especially sports) and installed car chipsets. I don't know what that value is but I suspect its a lot more than $6.20/share. There are many, many examples of companies whose value was suppressed for long periods of time but finally hit their true valuation. I'm thinking of Amazon, Microsoft....so many to choose from. Those companies had stock prices stalled for long periods of time until they hit a catalyst.The Wizard is entitled to his linear analysis and forecasts, and my perspective requires a little more faith. Our fate is truly in the hands of Malone and Maffei and I'm betting they will let the price go up as part of some bigger deal.Thanks for the shout out, Wiz! You can go back now to preparing 4-5 posts for next weekend.
I have been holding Siri over 12 years, this is $30 Billion company that less than $6 per share, isn’t that considered incompetent management? Why have they not expanded outside of the USA? If Starlink can launch capabilities in Ukraine in a couple of months why can’t Sirus expand in 12 years? Slightly different technology, but not that difference. It is called incompetent management or management holding it down intentionally.
I am so tired of SIRI doing nothing all day. Can you move??? I have been reading (
) for a month now and the stocks there actually go!
I fully support Dr. Oz!
As of March 31, 2022, our board of directors had approved for repurchase an aggregate of $18.0 billion of our common stock. Our board of directors did not establish an end date for this stock repurchase program. Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions, including transactions with Liberty Media and its affiliates, or otherwise. As of March 31, 2022, our cumulative repurchases since December 2012 under our stock repurchase program totaled 3.6 billion shares for $16.1 billion, and $1.9 billion remained available under our existing $18.0 billion stock repurchase program. The size and timing of these purchases will be based on a number of factors, including price and business and market conditions.
Duke: Things Couldn't Be More Obvious--Part 4
If you didn't catch it Mr. Non sequitur emerged from his stint at the rehab center and proved that modern medicine is working. His early stage dementia seems to have been arrested at least for a day and he actually had a lucid moment which is noteworthy in and of itself.
After a lengthy intro (which I know quite well) Mr. NS concluded that M&M control the price of the stock. Yes, he really admitted that and then he went on to say.
...what would Malone like the value of SIRI to be. If he plans to get to 90% ownership and make a "reasonable" offer, he'd like the price to be as low as possible. If Malone intends to use SIRI as a bargaining chip for some other investment or acquisition, he'll allow the price to go up.
A brilliant insight.
It is just too bad that we can't know what Malone is thinking. You kind of wish things were more obvious. It would make life much easier.
Maybe this would help. Here is a quote from Maffei from the Liberty CC of nine days ago. He was talking about the market discount between LSXMA and SIRI and ways to reduce it. This includes the continued repurchase of our discounted equity made even more compelling with tax free cash flows from SIRI and what we believe is the natural evolution of this company with a consolidation of LSXMA with SIRI.
In life you hope that things were more obvious but in the market no one actually spells out what they intend to do in the future, so you just have to make an educated guess.
Another "senseless shooting". Another TV news passion play. Pick your slant as you pick your politics.
A perhaps partial "remedy": stop making these "events' into ratings-building posturing spectaculars -- for sponsors and competitive egos.
Yes, there is money in death. "Get the widow on the set..."
Parents, too. Hey, it sells. And you can bet the next killer is eagerly watching tonight's "show".
But it would take great courage to simply report the news. No political message. No drama. No "some may find these images disturbing."
Just report what happened and move on.
Yeah. Sounds crazy and maybe even cruel. But back in the day when there was no instant satellite replay, stories like these would be stacked in lower reaches of "the show" -- after we heard what Eisenhower had to say that day about Korea. You know, the important stuff that bores people.
(Opinion of a former and now ashamed TV and radio news guy.)
LIBERTY MEDIA PROXY 2022.....
LIBERTY SIRIUSXM GROUP First and upfront, we will address the continued discount to NAV at Liberty SiriusXM Group. Over the past year, there were a number of corporate actions furthering the evolution of this group. We entered into a tax sharing agreement with SiriusXM, effected a tax-free exchange that took our ownership in SiriusXM over 80% thereby reaching tax consolidation, and received net proceeds of approximately $770 million from SiriusXM’s special cash dividend in early 2022. We would have expected that the NAV discount would compress in tandem with these actions; the reality is the discount has remained elevated and further widened recently. We have long discussed the various drivers of this discount—supply/demand dynamics of the underlying equities, premiums for dividend-paying stocks, technical dynamics, a tracking stock structural discount, to name a few. We don’t think any of these drivers have fundamentally changed, though we acknowledge there is perhaps (and understandably) greater investor fatigue today. Our long-term mindset and patient capital are core strengths of Liberty, but there are various levels of ‘patience’, and we appreciate our shareholders have been patient as well. We are keenly aware of the discount and will continue to prioritize corporate actions that we believe will benefit our shareholders and create long-term value. We are also mindful of our balance sheet, upcoming liability maturities, and the constraints of our own equity’s liquidity in the market. There are multiple paths to capture the discount that management and our board regularly evaluate. This includes the continued repurchase of our discounted equity, made even more compelling with tax-free cash flows from SiriusXM, and what we believe is the natural evolution of this company with a consolidation of Liberty SiriusXM and SiriusXM. The ultimate path we choose is not yet determined. As for the SiriusXM business, 2021 was a solid year. They exceeded one million self-pay net adds for the 10 th time in the past 11 years, reaching a record high sub count of 32 million. New vehicle penetration reached 82% as of year-end, and 360L was incorporated in over 25% of SiriusXM-equipped vehicles sold in the fourth quarter. In January we were thrilled to welcome Joe Inzerillo as SiriusXM’s new Chief Product & Technology Officer. Joe was a key architect in the creation of Disney+ and other direct-to-consumer video streaming businesses, as well as a founder of BAMTech Media. The development of SiriusXM’s digital strategy is key to its future success. And finally, Live Nation handled the challenges of COVID exceptionally well and exited 2021 with more tailwinds benefiting the live entertainment space than at any time in its history. We are now entering not only what promises to be a record year in 2022, but likely the strongest multi-year period ever in the concert
5590 full time SiriusXM employees cannot get it done for the common retail minority shareholders.
Still amazes me that thousands of people with their finger on the pulse of the company do not question this stagnation.
The reason they don’t is because (a) they know the program and it’s purpose. And (b) they want to keep their jobs.
Apparently, price fixing in the stock market is perfectly legal so long as you call it a “shareholder freeze out.”
SIRI Today Is Where NVDA Was 15 Years Ago.
Going up on better lines &
$ 6.24+0.08 (+1.30%)
As of 02:40PM EDT. Market open.
It should be obvious to everyone by now that the covid vaccines have underperformed. After a few months, they provide only minimal protection. Healthy Skeptic has the Minnesota numbers, and every other state is no doubt the same if the data can be extracted.
Currently, 78% of covid cases are in fully vaccinated people, as are 67% of hospitalizations. There aren’t many deaths, but if we go back to the end of February, 70% of “covid deaths” are fully vaccinated people. We have here an epidemic of the vaxed.
Yet the zombie march of vax mandates continues. Unvaccinated athletes are shunned and disqualified, as though they pose a risk to the vaccinated–which never did make any sense, still less given the current numbers.
Gas prices over $4/gal. in all states! First time in history. bidung is setting many records-but they all stink! Go siri!
Whether market rallies or slumps, there it is, SIRI always at fixed price. SIRI should be used as the universal stock market unit.
Duke: Things Couldn't Be More Obvious--Part 2
You may have noticed that Yahoo censored Part 3 of last week's post. I have no idea why but in a world that is fraught with change, it is nice to see that some things never change.
Under the category of things you should have noticed, we have three entries this week. On Tuesday, the stock hit the high of the week. Did you notice what it was? $6.23, if you are interested. For those of you denying that a new wall exists, you might want to take notice. That is two weeks in a row that the wall has put a ceiling on the PPS of the stock. Usually that implies a breakout in week three as the boys have to let it run to try and cover up the obvious. Don't get too excited, it is only a short term move. In case you haven't figured out what the special dividend was all about, here is your insight for the week. It gave LM 800M to meet the collateral call when and if SIRI falls into the 5's for 20 consecutive days and secondly, lowed the wall as the convertible bond holders got more shares under the bond indenture. Many of you are praying for another SD. That is the last thing you should be hoping for because that will lead to an even lower wall.
Last week I gave you the FIB numbers for the three major indices. The S&P needed to get to 3819 to have a 38.2 retracement from its all time high and hit bear market territory--a 20% decline from the all time high. Two weeks ago it hit 3850 before it turned around. I thought that meant a rally. Never happened but on Friday we hit 3810 and so it was mission accomplished. Bear market hit and a rally in the last two hours. We put in a double bottom and that usually is an excuse for a rally back to 4130. Let's see how it plays out this week and remember my top in SIRI is $6.45-6.51 with 6.46 being the sweet spot.
The third thing you shoiud have noticed was what happened to Walmart and Target. It is instructive to what is going to happen to stocks that fail to meet guidance. WMT got the ball rolling by missing profits and said it couldn't pass along all the price increases and transportation costs it is incurring. Big surprise. The stock fell 11.7% from $148 down to $131 which was its biggest percentage loss on a daily basis since Oct. 16, 1987. That day was the last trading day before Black Monday October 19, 1987. By the end of last week, WMT was down 19.6%.
Thursday brought us Target's numbers and another miss plus lower guidance for the rest of the year. It also brought total carnage for the market (down 1100 points) and TGT stockholders. The stock lost 24.9% of it value which was the biggest percentage loss since Black Monday in 1987. It will be a while --as in years before the stocks regain their value.
The thing that spooked investors the most was Target revealing that the supply chain was unfreezing but people no longer wanted goods and they would be making a special effort to unload excess inventory. Code for slashing prices and lower margins in the future.
The CPI accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years. Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.
Looks like I picked the wrong week to quit amphetamines.
Thoughts, if there be, on the chances of this year's Feb dividend becoming a regular thing? May be the diff for some on selling or holding.
Duke: Things Couldn't Be More Obvious--Part 3
It has been a couple of years since I watched Cramer on CNBC but after the TGT carnage I decided to tune in and see what the perennial bull had to say. I read an article on Yahoo in late March where he opined that the market decline was over which ushered in 7 or 8 straight weeks of declines on the S&P. I think that last week was week 8 but it has been so long since the S&P had an up week that I have lost track.
Anyway, I was expecting the usual bull nonsense he spews out but was surprised that he actually had something meaningful to say. (I say this because he said what I've been saying for a while and we all love confirmation bias--even from someone like Cramer).
So what was his thesis. Inflation is being caused by supply constraints and excess demand. The Fed can't do anything to increase supply so it has to dampened demand. It has only one weapon and that is higher interest rates and it will employ them until it stiles demand and breaks the back of inflation. He had a list of 9 items that had to come down in price which would lead to lower inflation. The first was housing and he opined that it would take an interest rate of 8-9% to cool the mortgage market and reset prices at a lower level. The second item, and here is where it gets interesting, was the auto market where he said rates would have to rise to 6-7 per cent to cool the market.
Cramer's point was that Fed is after demand destruction for goods which means it also will tolerate job destruction because higher wages demands are feeding inflation. But the next point was really the shocker. The Fed has no problem with lower prices in the market because market gains are also fueling excess demand and you have to stamp out demand and inflation no matter what the cost.
You might want to notice that auto sales and house values are in the cross hairs of the Fed and my guess is that we will be talking about a 50% and 61.8% decline in the S&P from 2237 low of Mar 2020 to the high of 4797 before this thing is over.
In case you are wondering, a 50% decline is 3517 and a 61.8% decline is 3215. But first we need a good rally back to 4130 so let's get to it
Musk says he intends to clean house at Twitter and then go on a hiring spree. Exactly what we need at Sirius XM. First ones out the door would be Woke Witz, Greenstein and Stern.
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