Is Sirius stock becoming worthless

Ever since Howard Stern went over to Sirius sattelite radio the stock price has been going south. He was suppose to be the savior for this company. Many analyst including Jim Cramer rated Sirius a buy. Even though the company was performing at a loss due to the fact that bosth Sirius and Rival XM were both spending more than they were earning.

Howard Stern moved to Sirius from Clear Channel, and the stock took a turn for the worst. It went from averaging $ 6 to becoming a $4 stock.

In February 2007, when Sirius Satellite Radio Chief Executive Mel Karmazin announced plans to merge his company with rival XM Satellite Radio, he pegged the chances of winning deal approval from regulators at "better than 50%." At the time, many investors and analysts agreed with his math. Since then Sirius stock has been down another 24 % to $2.99.