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.
Source Fool.com
