With its stock price down more than 50% on the year, Sirius XM's (SIRI -2.82%) management has turned its focus to next year and what efforts it will need to make to turn its fortunes around. It did take some steps this year though in that regard, including becoming fully independent after a complicated spin-off/reverse stock-split transaction with Liberty Media.
Shares of Sirius XM Holdings (SIRI -0.01%) kicked off the new trading week by hitting a three-month high. It would go on to give back most of its recent gains on Tuesday after offering up problematic guidance for 2025.
Sirius XM Holdings Inc. (NASDAQ:SIRI ) UBS Global Media & Communications Conference December 10, 2024 2:15 PM ET Company Participants Jennifer Witz - Chief Executive Officer Conference Call Participants Batya Levi - UBS Batya Levi I think we're going to get started now. Thank you everyone for joining us.
Wall Street is full of prominent money managers, but few if any can hold a candle to the affably named "Oracle of Omaha," Warren Buffett. Since taking the reins at Berkshire Hathaway (BRK.A -0.22%) (BRK.B -0.30%) in the mid-1960s, Buffett has overseen a cumulative return in his company's Class A shares (BRK.A) of almost 5,700,000%, as of the closing bell on Nov. 6.
Sirius XM Holdings (SIRI -8.59%), the operator of the country's only satellite radio company, provided a disappointing update on its financial performance on Tuesday. It also named a new chief operating officer.
SIRI benefits from expanding portfolio and clientele. However, intense competition and stretched valuation keep investors on the sidelines.
This has been nothing short of a phenomenal year for Wall Street and the investing community. The ageless Dow Jones Industrial Average, benchmark S&P 500, and growth stock-focused Nasdaq Composite have respectively delivered gains of 19%, 26%, and 27%, as of the closing bell on Nov. 27, as well as hit multiple record-closing highs.
It's been about 59 years since Warren Buffett took the helm at Berkshire Hathaway. He paid roughly $14.86 per share in 1965 to take control of the holding company.
A New York state judge ruled Thursday (Nov. 21) that SiriusXM must change its subscription cancellation policies and pay unspecified damages. Justice Lyle Frank found that the company's policies violate the federal Restore Online Shoppers' Confidence Act, Reuters reported Friday (Nov. 22).
Sirius required subscribers to speak at length with live agents trained to dissuade cancellations, and listen to as many as five offers of other services before being allowed to cancel.
SiriusXM Radio will have to change its cancellation practices in New York state after a court said it created a burdensome procedure for consumers and subscribers, according to New York Attorney General Letitia James.
A New York state judge found Sirius XM Holdings liable in New York Attorney General Letitia James' lawsuit accusing the satellite radio and streaming company of making it too hard for customers to cancel subscriptions.