Why Sirius XM Is in Rally Mode Today
Shares of SiriusXM (NASDAQ: SIRI) were rallying big today, up 12.3% as of 1:37 p.m. ET.
While most of the market was up today on the back of a better-than-feared personal consumption price index report, beaten-down Sirius got an extra oomph thanks to Warren Buffett and his investing staff at Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), which disclosed an increased stake in Sirius last night.
On Thursday night, Berkshire Hathaway filed a Form 4 with the Securities and Exchange Commission, disclosing it had increased its stake in three stocks, with Sirius being one of them. Berkshire typically discloses its buys and sells 45 days after quarter-end, but when Berkshire owns more than 10% of a company, as it does with Sirius, it must issue a filing immediately.
Source Fool.com
