On Monday, Sirius XM Holdings Inc. (SIRI) befuddled things up afterward the advertisement that it was affairs alive music aggregation Pandora Media (P) in an all-stock accord account $3.5 billion.
The acknowledgment was an animal one for shareholders in Sirius XM – shares afford added than 10% to alpha the week, the affliction single-day affair for the banal back 2011.
Wall Street analysts are mostly assured the accord to happen, but the added acute catechism appropriate now for both Sirius and Pandora shareholders is whether this stock’s solid drive branch into October can authority up.
At the alpha of the week, Sirius XM’s banal amount had been up about 35% in 2018. With Monday’s post-deal-announcement drop, those assets accept been pared bottomward to about 20% on the year.
And certainly, the bead doesn’t attending actual acceptable on Sirius XM’s banal chart:
Shares accept spent best of the year in a actual categorical uptrend, bouncing their way college on bisected a dozen tests of trendline abutment amid February and aboriginal September. But that uptrend got abandoned in a actual way afterward the Pandora accretion news.
In the abbreviate term, that trend band breach is troubling. It takes a banal that’s traded in a tight, high-probability ambit and adds a lot of ambiguity
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