Sirius XM Shares bounce 69%

Sirius (NASDAQ:SIRI) just got saved by Libery Media (NASDAQ:LINTA) and shares are up 69% today, which means a gain of 7 Cents, go Penny Stock.

Liberty Media will invest $530 million in Sirius with a first phase: a senior secured loan worth $280 million, $250 million of which will be paid out today.

In response, Liberty will assume two spots on the SIRIUS XM board and receive 12.5 million shares of preferred stock, convertible into 40% of common SIRI shares.

SIRI CEO Mel Karmazin, told reporters, "Liberty's investment is an important validation of what SIRIUS XM has already achieved and a vote of confidence in what we will achieve..."

The bumpy ride for SIRI shareholders continues, get ready for more Penny Stock fun if you are playing this stock.  Volume on Sirius XM shares is already at 247 million and its only 12 PM EST, keep in mind the daily average for SIRI is around 65 million.