Sirius stock survives a critical report yesterday morning from Wachovia Securities.
The Wall Street firm predicts Sirius will have to raise additional capital by 2006 and says it's "unlikely" to hit its goal of free cash flow breakeven - with 2 million subscribers - by the end of 2005. But the Sirius stock price withstands the bad news.
In the meantime XM Radio has already passed the 2 million mark. Interesting to see that in Silicon Valley, at least, Sirius seems to have a higher profile. I thought some of their packaging was misleading though. There is a 99 dollar home radio in the special offer bin at Frys, one of the California's leading electronics outlets. But the box says only in very small print that you will need a holder and dish, not included in the price. I guess some people were disappointed on Father's Day.