On Jan. 19 Sirius came out with a report saying that it expected to report more than $100 million of free cash flow for 2009. Sirius also said it ended the year with about 18.8 million subscribers, adding about 257,000 net subscribers in the fourth quarter of 2009.

Miller Tabak & Co. analyst David Joyce, for his part, says he doesn't know what triggered today's rally and is surprised at how investors have been latching on. Joyce adds that today's rally has been quite "meaningless" in the sense that "I don't think they had to worry about delisting from NASDAQ because they had so many shares outstanding already."

Still, we can only imagine that will do little to dampen the enthusiasm of Sirius XM shareholders today.

-- Reported by Andrea Tse in New York

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