Sirius Satellite (SIRI) $2.27 +8.06%
Sirius Satellite (SIRI, news, chart) is seeing two times its normal trading volume, as some players might be selling premium ahead of the weekend. The January 2.5 calls, which have open interest of 116,646 contracts, are the most actives, with roughly half of today’s trading bidside. The action comes after Dow Jones Newswires reported that an FCC commissioner, Johathan Adelstein, who is a possible deciding vote regarding the SIRI and XM Satellite merger, is in negotiations with the two companies. According to AP, Adelstein might support the deal “if the companies agree to a six-year price cap and make one-quarter of their satellite capacity available for public interest and minority programming, plus other conditions.” The news comes as a surprise because Adelstein has been a critic of big media mergers in the past. So far, two of the five FCC members have voted for the deal. A majorty (or three votes) is needed for final approval.
Category: All Stocks, Media, Mid Cap Stocks
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About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.
