WOW! Look at Pandora Run! Now that's how a healthy stock should react on good news!
Late yesterday the U.S. Library of Congress’s Copyright Royalty Board, or CRB, handed down new rate rules to Pandora, SiriusXM and others in industry.
Without getting too much into the weeds, the rates were obviously favorable to Pandora.
Basically the CRB raised the rate for free streaming services like Pandora to 17 cents per hundred plays, up from 14 cents. For paid subscription services, like SiriusXM the rate fell to 22 cents from 25 cents. Both rates will rise with inflation through 2020.
It seems that this would be good news for SIRI too as the rate they will be paying actually declined, but either something is very wrong with my computer or this news - like everything else - had no effect on SIRI as the stock hasn't budged.
Full disclosure; I am long 1000 shares of P at $12.65, and have written Dec18 (this friday opex) $13.50 covered calls for $1.20 in premium. I have also written 10 contracts of the Dec18 $12 Puts for $1.10/share in premium. So it looks like my $13.50 calls will execute and my $12 Puts will expire worthless unless there is some kind of dramatic turnaround in the next two days.
Like Mel Karmazin, I currently have no position in SiriusXM