Thursday, May 18, 2006

Street Chatter - Schaeffer's on Sirius

May 18, 2006

Schaeffer's had this little opinion on Sirius Satellite Radio.

Via MSN Money

Street Chatter:

Sirius Satellite Radio: Sirius Satellite Radio SIRI nearly found itself in serious trouble yesterday. Shares of the out-of-this-world radio firm slipped sharply toward the four level shortly after the open, but promptly rebounded higher. Providing the impetus for this resurgence is long-term support at the four level and a hefty buildup in put activity in the May and June series of options. While the four strike is not the home of peak put open interest for this period, the more than 19,000 puts accumulated at the strike are certainly nothing to shake a stick at. That said, SIRI is not out of the woods yet, as its declining 10-day moving average could still provide quite an obstacle to overcome.

Investors can read the whole story HERE