Things never get dull for the country’s lone satellite-radio provider. Shares of Sirius XM Radio Inc (NASDAQ:SIRI) moved lower this week, closing 2.3% lower to hit $3.01. The general market moved lower, but it didn’t take as big a hit.
The stock dipped below $3 on an intraday basis for the first time since late February, but there was more going on beyond share-price gyrations. The media giant also announced a couple of special concerts for Sirius XM Radio Inc (NASDAQ:SIRI) subscribers. Auto sales were strong in March, leading a major tracker to boost its outlook for 2013. A study also shows that Pandora Media Inc (NYSE:P) and streaming music may be more popular than we think.
Let’s take a closer look.
Crossing the line
Sirius XM Radio Inc (NASDAQ:SIRI) found itself in recently unfamiliar territory when its shares dipped below $3 on Thursday. You have to go back o late February to find the last time shares traded below $3. When the stock hit $2.95 on Friday, it matched the lowest point of trading so far in 2013.
If Sirius XM Radio Inc (NASDAQ:SIRI) had a strong first quarter in terms of subscriber adds, it may want to speak up in the days ahead. The stock could use a positive catalyst.
Membership has its benefits
Sirius XM Radio Inc (NASDAQ:SIRI) had several member events to announce this week. It will host private concerts by country-music icon Kenny Chesney and alternative rockers Phoenix for its subscribers. There will also be a town-hall chat with Latin music legend Juanes, hosted by Ruben Blades.
All three events will take place around New York City. Sirius XM Radio Inc (NASDAQ:SIRI) does occasionally host special events to which only Sirius XM subscribers are invited, but they’re mostly centered on the company’s home city.
C’mon, Sirius XM. The vast majority of your subscribers are not in New York. Take these shows on the road!
Driven to win
Auto tracker Edmunds liked what it saw with the auto industry’s new-car sales metrics for March, which were released earlier this week. Edmunds now sees U.S. car sales coming in at 15.5 million this year, up from its earlier forecast of 15 million light vehicles being sold. That would be the industry’s best year since 2007.
Ford Motor Company (NYSE:F) and Fiat‘s Chrysler were the biggest winners among automakers, with March sales up 5.7% and 5%, respectively. You have to go all the way back to 2007 here as well to find the last time either company fared this well.