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Los Angelas, CA -- (SBWIRE) -- 12/06/2012 -- Shares of Sirius XM Radio Inc(NASDAQ:SIRI) rose by 2.35% to $2.8350 after the company made an announcement of approval of $2 billion common stock repurchase program and a special cash dividend of $0.05 per share of common stock, payable on December 28, 2012 to stockholders of record as of the close of business on December 18, 2012 by its Board of Directors.
Beneficial owner of 49.8% of the common stock, the Liberty Media Corporation even accepted to participate on a prorate basis in the company’s share repurchase.
The fund for repurchase will come through cash on hand, future cash flow from operations and borrowings under its revolving credit facility.
The Company’s preferred stock will participate in the dividend on an as-converted basis in accordance with its terms. The cash dividend amount is expected to be $325 million.
The combined announcement reflects the Board’s desire to return value to stockholders and its confidence in the long-term growth prospects of the Company’s business.
Will SIRI Move Back To New Highs This Month? Find Out Here
Bank of America Corp (NYSE:BAC) is one of the best performers in the Dow Jones Industrial Average this morning, with shares trading up 3.8% on the session to $10.28, the highest level since July 2011. Heavy call buying across multiple near-term expiries indicates some options traders are positioning for shares in the name to extend gains through year end. Overall options volume on BAC is above 400,000 contracts as of 11:50 a.m. ET in New York, versus the stock's average daily options volume of 295,930 contracts. The bulk of the trading traffic is in Bank of America call options, with the call-to-put ratio up above 3.5-to-1 in the first half of the session. Fresh interest in out-of-the-money calls with two full trading sessions remaining to expiration attracted buyers this morning, with nearly 25,000 calls in play at the Dec. 07 '12 $10.5 strike against open interest of 2,940 contracts. Time and sales data suggests most of the $10.5 strike calls were purchased for an average premium of $0.03 apiece. Interest in the Dec. 14 '12 $10 and $10.5 strike calls is also on the rise this morning. Traders snapped up in- and out-of-the-money Dec. 21 '12 expiry calls as well, paying an average premium of $0.36 apiece for around 21,000 of the $10 strike calls, and shelling out $0.05 per contract for roughly 10,000 calls at the $11 striking price, as of the time of this writing.
Can bac Extend This Massive Gain? Find Out Here
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