Sirius (SIRI) Shares Rebounding After Plunging Tuesday

Sirius XM (NASDAQ:SIRI) continues its roller coaster performance, climbing 9 percent today after plummeting 6 percent Tuesday, when earnings fell short of analysts' expectations for the fourth quarter.

Trading volume has soared today, jumping to over 122 million shares exchanged, second to only Citigroup on the day.

Sirius CEO Mel Karmazin said, "With continuing improvements in auto sales, and self-pay churn and conversion rates for 2011 similar to our strong performance in 2010, we expect to grow our net new subscribers by another 1.4 million in 2011, continuing our track record of solid subscriber growth."

Analysts have circled the wagons around Sirius, helping to prop up the stock and give it a boost today.

One input that could help Sirius for 2011 is their projected auto sales, which was 12.5 million. Some analysts see auto sales reaching 13 million, which would result in higher-than-expected satellite radio subscriptions for the company.

Sirius was trading at $1.84, gaining $0.15, or 8.90 percent, as of 2:12 PM EST.