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    Sirius XM Slotted Into The Nasdaq 100

    By Steve Schaefer | Forbes – Mon, Jul 11, 2011

    Shares of Sirius XM Satellite Radio were changing hands for less than a buck a year ago, and that represented a major comeback from where they were at the depths of the recession, when business was bad in general and particularly in the automotive industry the company has such a close relationship with.

    The radio company has been on the rebound though -- shares are up above two bucks, Howard Stern is back in the fold after making some noise about leaving for greener pastures -- and got more good news Friday with the news it will be added to the Nasdaq 100, which counts Apple, Microsoft, Oracle and Google among its largest components.

    Sirius XM has faced a string of challenges since it formed as the combination of the two largest satellite radio operators in 2008 after more than a year of regulatory scrutiny. The recent recession, which included bankruptcy filings from two of Detroit's Big Three automakers -- GM and Chrysler -- coupled with increased competition from online music streaming services like recently-public Pandora, have not held back Sirius XM shares in 2011. The stock is up nearly 40% year-to-date with Monday's 3.1% gain to $2.29.

    Sirius replaces biopharmaceutical company Cephalon in the Nasdaq 100.

    [wikinvestchart exchange="NASDAQ" ticker="SIRI" range="recent" rolling="1 day" height="365" width="570" live_quote="true" annotations="false"]

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