XM Satellite Radio (XMSR) volatility Elevated at 124
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XM Satellite Radio (Nasdaq: XMSR) : XMSR closed at $9.10. Goldman Sachs say's "New $5 price target reflects free cash flow to equity; Maintain Sell." XMSR and SIRI announced a merger of equals in February of 2007. XMSR shareholders will receive 4.6 SIRI shares for each XMSR share. Jonathan Adelstein, an FCC commissioner, said he'd vote to approve a merger between XMSR and SIRI if they cap prices and increase public interest and minority programming. The FCC Chairman Kevin Martin recommended approval of the SIRI-XMSR merger this spring. Adelstein would be the third of five commissioners to support the deal; a majority is needed. XMSR August option implied volatility of 124 is above its 6-month average of 85 according to Track Data, suggesting larger price movement. Paul Foster
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