Mel buy some SIRIUS stock

Thursday, January 12, 2006

(update one)
After the announcement yesterday that Howard Stern and Don Buchwald were now able to sell there over $200 million in Sirius holdings, the stock dropped almost 6%. Today Sirius Satellite Radio's CEO, Mel Karmazin, bought up 1 million shares (a value of over 6.2 million dollars) in order to show that he is "committed" to the company's success. Mel's purchase send the stock driving back up 6.2%, thus negating yesterday's slump.

There is still no word if Stern or Buchwald will sell there recently gifted shares of Sirius. Just a lot of internet speculation.

Read more at Bloomberg

Talk about it here
(Bloomberg also updated this story, they 1st reported 100 Million Shares, it was only 1 Million shares, the value was correct at 6.2 Million dollars)

1 Comments:

Blogger Mike said...

I think your math may be a little screwed up, probably just a type. I believe he bought 1 million shares this morning at 6.21 a share. To buy the 1M shares you would need 6.2 million dollars. To buy 100 Million shares he would need 620 million, he would have to borrow from Stern if you know what I mean.

Thu Jan 12, 01:27:00 PM EST  

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