"I bought a bunch of Sirius stock the day Stern made his anouncement and it's over doubled.... life is good. Now I just need to get a radio."
If you bought it that day and are still holding it, you have not doubled your money. I hope you sold it around January 5th, that's when it reached it's apex of $7.72, closing at $7.62.
Today, it's down 7% at $5.18.
Announcement 06 October, price $4.26.
Today's price, $5.18. That's still a nice gain of 21%. Definitely nothing to sneeze at, I'd take a 21% gain any day of the week. Any momentum from old Howard has been sold out of this stock already. My Second Opinion Weekly has a rating of "AVOID" on this stock but in all fairness S&P consensus is still "HOLD".
"Our hold recommendation is based mainly on valuation, as we think the shares have discounted much of what we expect to be continued strong growth of the satellite radio duopoly market over the next several years. We think the medium's targeted, commercial-free digital programming and potentially sizable addressable advertising market could enable it to ultimately compete against terrestrial radio. "
