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3 Reasons Sirius XM Stock Just Surged 42%

Sirius XM Holdings stock surged 42% Thursday on an apparent combination of short covering, an unwinding of a spread trade involving Liberty SiriusXM, and possible buying related to a rebalancing of the Nasdaq 100 index. As Barron’s reported Wednesday, shares of Sirius XM (ticker: SIRI), the leading satellite radio operator, have been driven higher by short-covering. SiriusXM has been strong lately, gaining 7% Wednesday and 41% during the prior month through Wednesday.
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