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We can't say for certain why SIRI rose yesterday, of course, but it may have had something to do with the slew of press releases it put out today, mainly about broadcast offerings:

Alongside the fact that XM Satellite announced stronger-than-expected subscriber growth today.

As for covering the short, since it is under $1, there is a possibility that Sirius could eventually be delisted from the Nasdaq. I'm not saying that this is about to happen, but it's a possibility. Nasdaq rules include:

"Currently, dropping below the minimum bid price requirement of $1 for 30 consecutive business days will draw a deficiency notice from Nasdaq's Listing Qualifications Department. Noncompliant companies are afforded the opportunity to meet the minimum bid requirement within a grace period of 90 calendar days for National Market issuers and 180 calendar days for SmallCap market issuers."


This situation made Palm Inc. perform a giant reverse stock-split, to get its stock from $0.70 to $15. Sirius could attempt something similar, or reach some other solution, perhaps.

Sirius has been below $1 consecutively since November 8, or about 60 days.


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