Among the biggest winners in Wednesday’s early trading are Sirius XM Radio (Nasdaq: SIRI), State Street (NYSE: STT) and JA Solar (Nasdaq: JASO).

Sirius continues its Phoenix-like rise

In the depths of the economic crisis, Sirius XM (Nasdaq: SIRI) looked headed for oblivion. The company’s balance sheet was in tatters and demand for its satellite radio services was slumping, thanks to moribund new car sales. Just 12 months ago, Sirius announced that it had lost nearly 200,000 subscribers in the most recent quarter. For such a high fixed-cost business, a shrinking customer base is a real problem.

One year later, Sirius is now looking far healthier. Its balance sheet is somewhat cleaner and no longer holds any near-term debt bombs. More importantly, the customer base is growing once again. On Wednesday morning, the company announced that it added nearly 600,000 net new subscribers, the highest quarterly figure in recent years. That’s pushing shares up +6% in Wednesday trading.

Action to Take –> We’ll have a much deeper look into the company later today.

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#-ad_banner-#State Street hints at a Bright Outlook to come from Financial Stocks

Individual investors have been proceeding cautiously in the stock market ever since it bottomed out 15 months ago, but institutional investors like mutual funds and hedge funds jumped back into the market with both feet. That’s been great news for State Street (NYSE: STT), which caters to investing pros. The company announced Wednesday morning that it generated very strong second quarter results, helping to push shares up +10%.  State Street’s bullish report sets a positive tone for other financial firms as we head into earnings season.

Action to Take –> Shares had touched 52-week lows last week, so management likely felt compelled to release supportive news now rather than wait for the July 20th earnings release date.

The solid Q2 results could represent a real rebound. Analysts had expected full-year profits to badly lag 2009 results, but it now looks as if profits will be only modestly lower this year. But serious questions remain about the U.S. and European economies in the near and mid-term, so it’s unclear if the current strength will extend into 2011. That’s likely to cap further price appreciation in the near-term.

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Glimcher gets Some Analyst Support

With all the data points showing a still-weak consumer sector, investors have been lightening their stakes in mall operators and other owners of retail properties. Shares of Glimcher Realty Trust (NYSE: GRT), which owns malls throughout the United States, has seen its stock fall in nine out of the last 10 sessions, capped off by a -7% plunge on Tuesday.

That brought analysts at Hilliard Lyons to the company’s defense. The firm just raised its rating from “Neutral” to “Buy,” noting the stock’s juicy yield of almost 8.0% and -30% undervaluation relative to the $7 price target. Shares are up roughly +5% on that move.

Action to Take –> A bounce was inevitable after such a losing streak, but clear headwinds remain. Glimcher carries too much debt relative to its asset base — a hangover from the heady days of 2007 when mall REITs borrowed heavily to consolidate the industry. Glimcher also faces a rising tide of vacant properties that may stay vacant until the economy picks up steam. At some point, the company’s alluring dividend may need to be trimmed. Caveat Emptor.