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SIRI has reached multi-year highs. |
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Released on Thursday, August 9, 2012, 7:00 AM ET
Pittsburgh, PA (SpeculatingStocks) - Sirius XM Radio (NASDAQ:SIRI) is currently at its highest point since 2008 trading at $2.47 and at a market cap of $9.41 billion. The stock traded up $0.175 yesterday or 7.61%.
The buzz surrounding SIRI yesterday revolves around Liberty Media, a company that owns 40% of SIRI. Liberty Media has decided to spin off its Starz cable network into a separate company, which would in turn give Liberty more cash to pursue Sirius.
In fact, Liberty Media has been looking to pursue their options with respect to Sirius XM.
Yesterday evening, SIRI priced an offering of $400 million in Senior Notes due 2022. The company plans to use the net proceeds for general corporate purposes.
SIRI is certainly back in the spotlight with investors and that could carry shares higher from even their current 52-week high level.
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