In an interview this afternoon with Fox and Friends Neil Cavuto, Sirius XM Radio CEO Mel Karmazin announced that he intends to buy stock in the near future. The bulk of the interview centered around potential synergies, and a lot of cursory talk. The real news of the interview was the fact that Mel sees value in Sirius XM Radio stock, and will pony up his own dollars to buy it.
Investors have been searching for a vote of confidence in this company, and perhaps Karmazin has just delivered it by announcing his intention to buy shares.
Position - Long SIRI