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I've been in and out of CIT six times in the last 3 months. It's a good short term money maker, but it's future is still blurry. Bankruptcy is still a strong possibility. I tend to think C, Citi Financial is a better long term buy for under 4 bucks.Quote:
Originally Posted by socalrunningfool
Me too, but certainly a good day for anyone who was sweatting last week :DQuote:
Originally Posted by socalrunningfool
PM take down. .55 cent buys as you saw them stream in at open, and all .56 are now locked in for the day, and they will try to convince you to sell those shares today. Ive decided Im not going too.
Back up to .545 on good volume after just 40 minutes.
I think we are just following the broader market today and the decline is not specific to any fundementals of Sirius.
Yes, some panicky profit taking based on price action ONLY. Dumb, unless you rebought at .53, this move just eats away your time.Quote:
Originally Posted by candleman
those 6 mil shares at open for .53 and .54 are probably for a big buy EOD(end of day) at .55 or .56 IMHO..
Level2 von Nasdaq opened with 4600 sell orders to 3700 buy orders,now at 10:21am it is still 4500 sell orders to 3300 buy orders with 11k filled already..
Lets see if orders drop in half around lunch like last week it did..
Hey Irish, you think today was the week low?Quote:
Originally Posted by JohnnyIrishXM
if i had to guess,i would say yes...closer to .65 than .40's IMHO...Quote:
Originally Posted by relmor2003
From The Fool, published this past Friday:
As Good As It Debts for Sirius XM
By Rick Aristotle Munarriz
August 14, 2009 | Comments (14)
You don't typically applaud a company issuing new debt, but even its harshest critics should be cheering Sirius XM Radio's (Nasdaq: SIRI) move to offer $257 million in senior secured notes.
The debt priced at a fair price last night, with Sirius XM paying a modest interest rate of 9.75% until the notes mature in 2015.
Let's put this offering into its proper perspective. Flash back to February, when Sirius XM was on the ropes. It had a pair of interested saviors, Liberty Media (Nasdaq: LCAPA) and EchoStar (Nasdaq: SATS), but it couldn't exactly stoke a bidding war.
Liberty wound up loaning Sirius XM the money it needed, but with a rate as high as 15%. It also gained a chunky 40% stake in the satellite-radio operator, just for its bravery in stepping in to resuscitate the radio giant.
A loan shark knows when you're desperate, and Sirius XM was definitely in need this winter.
However, now that bankruptcy whispers have faded away, Sirius is a more stable company. Fewer subscribers are coming than going, but the company's cash flow statements continue to improve.
If someone had suggested a year ago that Sirius XM could borrow hundreds of millions of dollars at a rate in the single digits, they would have been dismissed as criminally insane. Once the post-merger buzz faded away, creditors were keeping their distance.
Sirius XM isn't having much of a problem attracting believers these days.
The real beauty of the new notes is that they will replace Liberty debt that was bearing a higher interest rate. The 2015 maturity also gives Sirius XM six years to mine its operating efficiencies.
The lessons behind the economic recession may involve booing the borrowers, but this is one time where you have to give Sirius XM credit.
Literally.