Sirius XM (SIRI) Continues Higher Following Bullish Auto Sales Outlook
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Sirius XM (Nasdaq: SIRI) shares are moving higher again Monday following a 4.8 percent jump last Friday.
Last Friday, TrueCar.com released its sales expectation outlook for February U.S. auto sales, which expects plenty of upside. According to TrueCar.com, auto sales in February are expected to reach a seasonally adjusted annualized rate of 14.3 million units, the highest level since May 2008.
Sirius could see even more upside should sales meet or beat expectations. During the Company's quarterly conference call earlier in February, CEO Mel Karmazin said the consensus for U.S. auto sales in 2012 is about 13.7 million units, up 8 percent from the prior year. TrueCar's new view tacks another 4.4 percent on to that estimate, which is a huge swing higher.
Automakers are expected to report February U.S. sales on Thursday, March 1, 2012. Monday, auto stocks are largely lower following the weekends events at the G20 summit and continued rise in crude prices.
Shares of Sirius are 2 percent better early.
Last Friday, TrueCar.com released its sales expectation outlook for February U.S. auto sales, which expects plenty of upside. According to TrueCar.com, auto sales in February are expected to reach a seasonally adjusted annualized rate of 14.3 million units, the highest level since May 2008.
Sirius could see even more upside should sales meet or beat expectations. During the Company's quarterly conference call earlier in February, CEO Mel Karmazin said the consensus for U.S. auto sales in 2012 is about 13.7 million units, up 8 percent from the prior year. TrueCar's new view tacks another 4.4 percent on to that estimate, which is a huge swing higher.
Automakers are expected to report February U.S. sales on Thursday, March 1, 2012. Monday, auto stocks are largely lower following the weekends events at the G20 summit and continued rise in crude prices.
Shares of Sirius are 2 percent better early.
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