With Apple (AAPL) due to report earnings after the close Wednesday for its fiscal second quarter ended March 30, the Street is in full-scale jockeying-for-position mode. The general sense is that the company will beat its guidance easily, while likely issuing a conservative forecast for the June quarter. Here’s a rundown on some of this morning’s moves by the Street:

Gabelli & Co. analyst Robert Haley cut his rating on the stock to Hold from Buy on a valuation basis, noting that the stock is up 40 percent year to date. He is bullish on the story long term, but says that with the stock trading at 20x projected 2010 estimates and 10x EBITDA, there are risks, including “a likely CEO transition in the near-medium term.”

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Virgin Mobile (VM) posted Q2 revenue this afternoon of $317.4 million and profits of 7 cents a share, better than the Street consensus of $314 million and 2 cents. The company posted net service revenue of $291.4 million, in line with its forecast of $285 million to $295 million. Virgin had adjusted EBITDA of $32.3 million in the quarter, better than its forecast level of $19 million to $23 million. The company lost 111,000 net subscribers in the quarter, less than its forecast of 130,000 to 160,000.

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Sirius (SIRI) and XM (XMSR) this morning completed their merger, at long last. Terms of the deal called for XM holders to get 4.6 SIRI shares for each share of XMSR.

But are investors are celebrating? No, they are not. Instead, they are in a selling frenzy. SIRI shares, in fact, are down 32 cents, or 17 percent, to $1.56, and have now now dropped 42 percent in the last four trading days.

Sirius this morning repeated its previous forecast that the company expects to generate $400 million in synergies in 2009. It expects to post adjusted EBITDA of more than $300 million in 2009, and to reach positive free cash flow–before satellite expenditures–for the full year in 2009.

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Sirius Satellite Radio (SIRI) provided 2009 financial guidance for the company that assumes the company completes its pending merger with XM Sirius Radio (XMSR).

Sirius said total synergies, net of costs, in 2009 should be about $400 million. Adjusted EBITDA for the company is expected to be about $300 million. The combined company is expected to be free cash-flow positive before satellite cap ex for the full year 2009.

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