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Why Sirius XM Stock Dropped an Unlucky 7% Today

TheMotleyFool

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Sirius XM Holdings (NASDAQ: SIRI) stock had tumbled by 7.2% as of 10:15 a.m. ET Tuesday after the company updated investors on its financial projections.

On Tuesday morning, management announced that Sirius had completed its merger with Liberty Media's Sirius XM tracking stock in a much-anticipated reverse stock split. It boasted that its new and improved "simplified capital structure" gives it a "clear path forward." Unfortunately, Wall Street decided the path for Sirius's stock price was down.

Is that fair? Consider the guidance numbers Sirius rolled out Tuesday:

Source Fool.com

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