Sirius XM Extends Rally, Now Up Over 800% From Lows
Sirius XM Radio (SIRI) continued an impressive 3-day rally on Friday, leading radio stocks higher.
Those who bought into Sirius XM for 5 cents in February are currently seeing gains of over 800%. Investors drove the stock to near zero on fears of bankruptcy, but have reversed their opinion, at least temporarily, after a $530 million investment from Liberty Media. More recently the company has rallied on a corporate credit upgrade form Standard & Poor’s, which it received earlier this week. The upgrade boosted Sirius XM’s rating to CCC+. Speculators are betting on the stock today, driving it up by 15%.
As a whole, the Radio Stocks Index is ahead by 2.6%. It is now ahead of the S&P 500 by 31% this month.
While Sirius XM is undoubtedly driving the Index’s performance today, terrestrial radio companies should benefit from what appears to some to be a bottom in radio and television advertising markets. Earlier this month Viacom (VIA) CEO, Phillippe Dauman commented that television ad sales had leveled off in the short term, which is a good sign for traditional media outlets.
As of this writing the Radio Stocks Index is approaching the top-10 performing tickerspy Indexes this month, up by 42.5%.
Investors can follow the Radio Stocks Index and view related performance charts and metrics at tickerspy.com.
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