Yesterday after the bell it was announced that Sirius XM (NASDAQ:SIRI) CEO Mel Karmazin woiuld be speaking at the Liberty Media (NASDAQ:LMCA) Investor Conference on October 10, 2012. The news seems to be enough to fuel some speculation in the market as Sirius XM has seen a pop of about 3% in pre-market trading.
One popular opinion is that Karmazin may make some sort of announcement at the conference, which will be held in New York City. In my opinion news may come earlier than that, as it would be more likely that Karmazin would want to have news out prior to speaking.
Liberty Media is on the cusp of gaining control of Sirius XM and currently has an application filed with the FCC for de jure control of the satellite radio company. The FCC has not officially accepted the filing as yet or opened the issue up for comment. Also up in the air is Karmazin's employment status. His contract expires this year.
Other developments are September 2012 auto sales figures which are scheduled to be released today. The numbers should be good, and I laid out an expectation that the company needs to raise current subscriber guidance as it will likely finish Q3 within a stones throw of the existing guidance of 1.6 million subscribers for 2012.
It would appear that the stars are aligning for a good move in Sirius XM. Fasten your seat belts, because it could get interesting and $2.75 in the near term is not out of reach.
Disclosure: I am long SIRI, LMCA. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.