What's everyone's take on SIRI over the last few weeks? I mean, .71 bottom today??? I remember once upon a time, I was afraid to get in as SIRI hit .65 for the first time. I finally took the plunge at .90 then later, still uneasy, sold off 50% of my position to cover me 100%. Not a bad play, had I gotten out when it was $7-$8-$9 or whatever the top was a few years ago.
cramer started getting his bagholders in this one around 3. for months it was "as soon as the merger is oked this will fly". oops
Well, it tried to fly, but by the time it did complete, it's wings had fallen off! I still think where it is now isn't realistic. Not that it'll do my positions any good, but it may be a decent bargain for a little pop.....it's just figuring out when that pop will happen. I think traders just beat the shit out of this thing day after day and finally got bored of it.
I bought this back I think in 2003 or 2004 at .76, everyone thought they were going bankrupt, this was actually before they started making all those deals with the auto companies, anyway I ended up sel it at around $1.75-$1.90, months later it was at 4 bucks then rallied to 7, I was kicking myself for selling all of my shares for a 125-150% profit.
Its a no-brainer long term. They arent going bellyup and while I dont think it will make an upward move anytime soon you cant beat ~$.80. I bought a couple thousand shares for the long term and I will buy a couple thousand more if it goes to $.50 (where I think its headed).