Sirius XM Radio Down 7.9% On Earnings Miss (SIRI)

Shares of Sirius XM Radio Inc. SIRI are trading down 7.9% at $1.69 per share during the Tuesday afternoon trading session. The day's trading range for shares of Sirius XM Radio Inc has been between $1.65 and $1.76 per share. Analysts covering the company's stock give it a consensus price target of $1.64 per share. Volume of 153 million shares is more than triple the daily average volume of 48.5 million shares. Sirius XM Radio Inc. (SIRI) announced on Tuesday morning that it missed consensus Wall Street expectations. Sirius XM Radio Inc announced a 4th quarter loss of 2 cents per share, on revenue of $736 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 0 cents per share, on revenue of $739.18 million. Chief Executive Officer Mel Karmazin said, "With continuing improvements in auto sales, and self-pay churn and conversion rates for 2011 similar to our strong performance in 2010, we expect to grow our net new subscribers by another 1.4 million in 2011, continuing our track record of solid subscriber growth. We also expect this year's free cash flow to approach $300 million." Sirius XM Radio Inc broadcasts more than 135 channels of commercial-free music, and premier sports, news, talk, entertainment, traffic, weather, and data services to more than 20 million subscribers in cars, trucks, boats and aircraft, and through a wide range of mobile devices. Read more from Benzinga's Company news.