Sirius XM (SIRI.US) is nearing a contract renewal with Howard Stern which would pay the radio host about $120 million per year, according to sources who spoke to Bloomberg. The current contract, which expires at the end of December, topped out at roughly $80 million to $100 million a year. The satellite radio operator also announced a 10% dividend increase. Meanwhile, Credit Suisse upgraded the stock to “outperform” from “neutral,” based on what it calls “surprisingly” better-than-expected results.
Sirius XM (SIRI.US) stock launched today’s session with a bullish price gap and is trading above the 50 SMA (green line). Should current sentiment prevails, next resistance at $6.00 may be at risk. Source: xStation5
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