SIRIUS XM Radio Inc. (NASDAQ: SIRI) has done what many would have bet against… It has broken the buck, and to the upside. We have seen over 100 million shares of the satellite radio monopoly trade hands today and shares are up over 9% at $1.05. $0.98 was a new high yesterday, following $0.95 earlier.
The last time SIRIUS XM traded without a ‘$0.’ in front of its share price was September 2008….. We are even seeing more action in the options, yes options on a $1 stock, in the FEB-MAR-JUN expirations.
Yesterday’s volume was over 153 million shares. A recent upgrade gave the stock a $1.00 target, so do not too shocked if there is a downgrade based solely upon valuation targets being reached.
The move yesterday and today is a sentiment change more than on actual news.
JON C. OGG
12:37 PM EST
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