Sirius (SIRI) investors have to be getting more nervous by the day. The company and its merger partner XM Satellite Radio (XMSR) are about to reports earnings. And, the regulatory process around the merger is taking forever. There are also plenty of congressmen and radio industry executives who oppose the combination.

Sirius hit another low today at $2.90. The picture that sellers are painting is that one or both of the satellite radio companies miss Q1 number or guide down. That would mean that, without a merger, one or both companies would face having to raise money, and the cost would be dear.

Douglas A. McIntyre