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The Department of Justice finally came to its senses by approving the much-delayed XM [XMSR
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] – Sirius Satellite [SIRI
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] merger. At least that’s how CNBC’s Dennis Kneale sees it.
Speaking on Closing Bell Monday, Kneale wondered just what took the DoJ so long to approve a deal that’s not at all anti-competitive. Now it’s up to the Federal Communications Commission – “one of the worst bureaucracies in Washington,” according to Kneale – to approve, which would be the last hurdle in merging these two companies.
CNBC’s Jon Najarian said that the approval could free up XM and SIRI shares, which have been basically frozen for the last year while they awaited word from the regulators, but he was doubtful that any other trades exist in the space, as the approval has taken so long that it’s already been priced in everywhere.
On Monday’s broader market rally, Najarian said his outlook remains the same: sell the rips and buy the dips. He would especially take profits in some of the outperformers of the past week, like the financials, which he thinks are now overextended. As for the Bear Stearns [BSC
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] - JPMorgan [JPM
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] deal, Najarian thinks the options action in BSC could indicate that JPM might have to sweeten its bid for the implosive bank one more time.
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