Bad day for satellite radio broadcaster Sirius XM: The company’s shares closed down 13% today to 20 cents — an all-time low.
Why? There doesn’t seem to be any Sirius corporate news today, so we’re pretty sure it’s mostly a reflection of lousy growth ahead, the sad state of the consumer electronics business, and direct exposure to the self-destructing auto industry.
Out of curiosity: Would CEO Mel Karmazin consider a reverse split now? In July, he said it wasn’t going to happen. But that’s when Sirius (SIRI) stock was worth $1.61. Update: Yes, he would. Clusterstock colleague Joe Weisenthal points me to this Reuters article, which says Sirius is considering a reverse split to avoid potentially being delisted by the Nasdaq.
Anything else going on today? Let us know in comments or via our anonymous tips form.
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