HITS Daily Double


More Receivers in Cars, More Money from Investors Sounds Good
Satellite radio, that next-big-thing that has yet to really go mainstream, has seen the stocks of the two companies with FCC licenses pummeled in recent months. But each got some good news this week, and shares in both XM and Sirius are gaining serious ground.

According to reports, General Motors announced Tuesday that, based on positive feedback from consumers, it would expand its XM Satellite Radio program and make the company’s satellite receivers available in 44 of its 57 models, or 75% of its cars.

Meanwhile, Sirius announced that the FCC has approved its application to transfer control of its operating licenses as part of a proposed recapitalization, which the company says will be completed this quarter.

Both XM (Nasdaq: XMSR) and Sirius (Nasdaq: SIRI) have been pounded on the stock market recently. Once trading in the mid-40s, XM has been in the two-dollar range over the past quarter. Similarly, Sirius peaked at around 50, only to slide to the one-dollar level over the past three months.

As of this posting, however, shares in XM were up .44 to 4.08, while Sirius had gained .21 to 1.49. XM and Sirius have 52-week highs of 16.68 and 8.14, respectively.