NEW YORK (TheStreet) -- Sirius XM Holdings Inc. (SIRI) is down 4.14% to $3.12 following a report by re/code that Apple's (AAPL) nascent iTunes Radio platform had reached a deal with National Public Radio to stream the channel.
Apple has stepped directly into a market that Sirius had previously dominated. NPR can be streamed for free on iTunes Radio and is the first news station on the platform. NPR can already be heard for free on the web and via mobile apps and boasts 30 million visitors per month.
Apple's streaming service previously focused solely on music and was not seen as a direct threat to Sirius subscription for premium channels model. For now Sirius, with its 26.5 million subscribers, remains the leader in the space.
TheStreet Ratings team rates SIRIUS XM HOLDINGS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SIRIUS XM HOLDINGS INC (SIRI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."