So That’s What a Short Squeeze Feels Like
Years ago I lived in southern California. I remember walking home one day from baseball practice and tripping over my own two feet. I thought it was odd and I felt clumsy but, picked myself up and continued home. When I arrived at home, my mother was trembling with fear and the house was in disarray. I thought we had been robbed. My mother exclaimed “Are you alright?” I said of course I am, why wouldn’t I be? She said we had just had an earthquake! I guess I missed it.
Apparently, history has repeated itself. The long awaited short squeeze that had promised to bring SIRI investors to the pot of gold at the end of the rainbow and have shorts scrambling to cover before they lost all, apparently has already happened!
I cannot be sure of exactly when the event took place. I do know, that on 1/30/2009, there were 271,931,355 shares of SIRI common stock reported to have been held short and that there would be an astounding 11 days to cover based on average daily volume. NASDAQ now reports that as of 2/13/2009, there were only 158,732,676 shares held short and that the days to cover were now just slightly over one.
While it could signal that the street is starting to believe that there is still hope for Sirius XM, the most probable scenario is that the bondholders who were short the stock covered when the bonds were redeemed or, a combination of both.
Position: Long Sirius XM
HAHA. Funny you write this article. About 2 hours ago, I posted something similar in the forums.
https://siriusbuzz.com/forum/showpost.php?p=15350&postcount=2
What a squeeze…
Great. First this news about how we had the short squeeze already and barely felt it…and now I just heard that Apple declined to accept Nicemac’s Starplayr app.
Whats next?
Hopefully our own Sirius App for iPhone…………..
Can someone tell Mel…….Please………….!!
Where did you hear the news about starplayr app?? That would suck….or? Sorry if its posted somewhere else.
never mind…found it on finance.yahoo
Sorry to ask but when are earnings? I spoke to Paul Blalock 2 weeks ago and he stated that earning wills be sometime late this month. This is the official last business day of this month but no siri earnings announcement!
Brandon, I dont know why that is such a surprise. I have been saying that most shorts in at this point are just investers in the converts and are shorting to protect their investment. That the only short sqeeze we would see is when the converts get paid off.
Sirius has 45 trading days from the end of the year to report year end results. Add on 3 Federal holidays brings us to March 11. (coincidently the last day to lock in prices). They usually announce when the conference calls will occur 10 days prior to the CC.Look for an announcement today or Monday. TV
That means they reported around Feb 15th…… I must have missed it. In fact they have 60 days, as a Large Accelerated Filer, regardless of Holidays, to report their 10K. That makes March 1st their sixtieth day and a Sunday. Look for an announcement of an SEC filing of an extension today, or look for a Press Release for a report / CC on Monday the 2nd.
Cos1000, I found this little nugget on the SEC site:
“Companies may request a filing extension for their Form 10-Q’s and 10-K’s by submitting Form 12b-25 via the EDGAR system. By filing this form, a filer may gain up to 5 additional days to file Form 10-Q or 15 days to file Form 10-K. Companies have up to 24 hours after the original filing deadline to file Form 12b-25. ”
We may not hear anything until Tuesday, andthen another 15 days for the actual report!
Sorry, that was secfile.net, not the sec website. But I found it by searching on the sec website. There’s a good table of deadlines available there: http://www.secfile.net/SEC_cal.....endar.htm
Thanks for the info… Monday is there last day for filing the report and without an announcement we should see the extension either Monday or Tuesday then….. good research..
Time to rock and roll. Elvis is in the building. Shorts, go home.
Let’t all face it. Mel is an extraoridnary CEO!
mel is the man… he’s got something up his sleeve. and its not BK or RS… come on now, something is brewing!
long SIRI… go play elsewhere shorts