November 18, 2008 12:05 PM -
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Sirius XM Hits New Low: 20 Cents (SIRI) —

Bad day for satellite radio broadcaster Sirius XM: The company's shares are 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...
[Tags: anonymous tips, auto industry, bad day, bad news, ceo]