Why Sirius XM Plunged Today
Shares of Warren Buffett holding Sirius XM (NASDAQ: SIRI) were falling hard today in spite of the rest of the market attempting a comeback after Monday's huge marketwide plunge. Sirius' stock was down as much as 10% on the day at one point before recovering to a 6% decline as of 3:20 p.m. EDT.The unique weakness for the stock came after the company's chief financial officer made cautious comments regarding advertising revenue at a financial conference today.At today's Deutsche Bank Media, Internet, and Telecom Industry conference, CFO Tom Barry raised some concerns over advertising spending. Barry alerted investors that there has been a recent pullback in ad spending by consumer packaged goods and retail industries specifically, along with some concern the weakness may be spreading to other sectors as well. Continue reading
Shares of Warren Buffett holding Sirius XM (NASDAQ: SIRI) were falling hard today in spite of the rest of the market attempting a comeback after Monday's huge marketwide plunge. Sirius' stock was down as much as 10% on the day at one point before recovering to a 6% decline as of 3:20 p.m. EDT.
The unique weakness for the stock came after the company's chief financial officer made cautious comments regarding advertising revenue at a financial conference today.
At today's Deutsche Bank Media, Internet, and Telecom Industry conference, CFO Tom Barry raised some concerns over advertising spending. Barry alerted investors that there has been a recent pullback in ad spending by consumer packaged goods and retail industries specifically, along with some concern the weakness may be spreading to other sectors as well.
