It is not going to be enough to bring back some mega-losses for many multi-year investors, at least not yet, but SIRIUS XM Radio Inc. (NASDAQ: SIRI) has broken back above the $1.00 mark. This technically gets the stock out of ‘penny stock’ status, although many consider penny stocks to be anything under $3.00 or $5.00. There seems to be a growing sentiment change over Howard Stern and other issues working in favor of the company.
The reason behind the most recent move is more on speculation and sentiment than it is on raw news. The concern that Howard Stern is going to jump ship seems to be abating after a weekend poll from TheStreet.com and even comments from Ellen DeGeneres saying Stern joining American Idol is just not likely. But there is also the notion that we have discussed before… After looking at the data and evaluating the risks. it looks as though SIRIUS XM can likely survive if Stern leaves and is likely to survive the Pandora product launch in the coming weeks.
CEO Mel Karmazin has recently noted in an interview at FORA.tv that he would like to keep Howard Stern and he is optimistic that SIRIUS will be able to do so. But he also noted that many others are likely to go after Howard Stern….. We also noted the rumors last week that Howard Stern’s departure may be more noise and fiction than reality.
SIRIUS put in a new 52-week high yesterday when it went above $0.98, and today the stock is at yet another 52-week with shares up 7.4% at $1.03. We have also seen more than a full day’s volume trade in just the first hour. If SIRIUS can manage to keep its stock up here above the buck for another month and change, then it will not have to effect that reverse split to stay inside of NASDAQ compliance for the $1.00 rule.
JON C. OGG
FEBRUARY 17, 2010
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
