Sirius Posts Higher-than-Expected Quarterly Revenue: Hot Trends

NEW YORK ( TheStreet) -- Popular searches on the Internet include Sirius XM ( SIRI)after the satellite radio company posted higher-than-expected quarterly revenue on subscriber increases.

The company said second-quarter revenue rose 13% to $837.5 million, beating estimates of $834.38 million. Sirius also raised its adjusted revenue outlook for the year to $900 million from $875 million.

The company also hit a record 22.9 million subscribers, after adding 622,000 in the quarter. Last month, Sirius raised its subscriber and revenue targets as well, thanks to growth in the auto industry.

Sirius did not comment on the fight for control of the company with Liberty Media Group, which is trying to take over Sirius. Liberty Media plans to take over the company upon approval from the Federal Communications Commission.


Gibson Guitar is trending after the instrument maker admitted to importing endangered exotic wood.

Despite the company's violation of environmental laws, federal prosecutors will drop charges against Gibson. Gibson agreed to pay a $300,000 fine as well as donate $50,000 to the National Fish and Wildlife Foundation. The company also forfeits what is estimated to be $262,000 worth of wood that has been seized by federal agents.

The settlement comes after federal agents raided Gibson facilities in Memphis and Nashville. Affidavits supporting the raids allege that the company falsified labels of imported wood to avoid import laws.

CEO Henry Juszkiewicz said in a statement that Gibson "was inappropriately targeted."


Standard Chartered is another popular search. The New York State Department of Financial Services has threatened to take away the company's state banking license over its ties to Iran.

The bank regular said Standard Chartered hid over 60,000 secret transactions with Iran worth $250 billion, violating U.S. law. Standard Chartered allegedly exposed the U.S. banking system to corrupt individuals and groups like terrorists and drug traffickers, according to the department.

Standard Chartered said in a statement that it complied with U.S. regulations and shared an analysis with U.S. agencies to prove it did so.

The allegations against Standard Chartered come after a U.S. Senate panel accused fellow British bank HSBC ( HBC) of suspect transactions with Mexican drug traffickers.


The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.

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