Sirius SIRI

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Sunday, March 01, 2009

Sirius XM (SIRI) Shareholders Authorize a Reverse Split
12/18/2008 3:03 PM
Keywords: SIRI
Shares of satellite radio provider Sirius XM (SIRI: sentiment, chart, options) have rallied more than 7% so far today, after stockholders voted to authorize the company's board to effect a reverse stock split by December 31, 2009. Other proposals were also ratified at the 2008 annual stockholders meeting, with 2 amendments to SIRI's certificate of incorporation passing, as well as a proposal to increase the number of authorized shares to 8 billion from 4.5 billion.

Despite the jump, SIRI remains a penny stock, and was last seen hovering near 14 cents per share. Technically, the equity remains under pressure from its 10-day and 20-day moving averages, above which SIRI has not closed a session since July 24. Sentiment is mixed toward the shares, with their Schaeffer's put/call open interest ratio (SOIR) of 0.16 ranking below 69% of all those taken in the past year. Meanwhile, Zacks.com reports that 5 of the 6 analysts following the equity rate it a "hold" or worse. (On a side note, traders will want to take the SOIR data on SIRI with a grain of salt, since the shares are trading well below any optionable strikes.)

-Posted by Joseph Hargett (jhargett@sir-inc.com)


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