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Sirius XM Jumps While Target Warns More Problems May Be Ahead

Matt Thalman
March 14, 2014

This morning, the preliminary Thomson Reuter/University of Michigan consumer sentiment index reading of 79.9 in March was released. That figure is lower than the 81.6 in February, and below the 81.8 that economists were expecting. That news, combined with increased uncertainty and rising tensions about the situation with Russia, was enough to push the major U.S. indexes lower today. The Dow Jones Industrial Average (DJINDICES: ^DJI) lost 43 points, or 0.27%, the S&P 500 fell 0.28%, and the Nasdaq dropped 0.35% today.

One widely followed stock, Sirius XM (NASDAQ: SIRI), made news of its own this morning as the company announced it was reinstating its share buyback program after Liberty Media (NASDAQ: LMCA) decided to drop its bid to acquire the remaining 47% of Sirius that it doesn't own already. Furthermore, Sirius's management said that it remains confident it will have net subscriber additions of 1.25 million in 2014, produce more than $4 billion in revenue, and have more than $1 billion in free ca