After advancing about 6% on Monday, Sirius XM (SIRI) shares ended today up another 14% on over 100 million shares of volume (more than twice its average daily volume).
While SIRI shares have been fairly volatile over the past year given a large amount of retail investors and speculation in the press about bankruptcy, a 20% move in two days is still significant, in our opinion.
In a research note published this morning, JP Morgan analyst Lev Polinsky increased his 2009 and 2010 estimates for the company.
But given the two day move and the fact that the company reports Q2 ’09 earnings on Thursday, there may also be speculation by day-traders that the company will beat estimates when it reports. Polinsky did not change his Q2 ’09 estimates and expects the company to report in-line with his estimates of a 400,000 net subscriber loss and $102 million in EBITDA.
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