Reuters well ahead with Sirius iPhone news, shares surge

Reuters clients got the jump on news that Sirius XM Radio would launch an iPhone application on June 18, an important, long-awaited new subscriber growth product. Sirius’ shares, which had been up about 2 percent before the headlines, jumped to a 10-percent gain within 10 minutes, and ended the trading session up 23 percent on hope that the application will bring in many new customers. The launch date had been kept under wraps by officials at the satellite radio provider. The story also detailed for the first time the price of the online radio feature. Hours later, Bloomberg picked up the Reuters report. It was unsighted on Dow Jones.