Pandora's Soft Rock Debut
Web-Radio Provider Made Splash in Early Trading, but Gains Ebb by Close
Read more: http://online.wsj.com/article/SB10001424052702304186404576387413478265794.html#ixzz1POLlLvOJ
Shares of Pandora Media jumped more than 40% to $22.41 in the first minutes of trading on Wednesday morning following the company's IPO.
Read more: http://online.wsj.com/article/SB10001424052702304186404576387413478265794.html#ixzz1POLbGMC7
By DON CLARK And ETHAN SMITH
Pandora Media Inc.'s decade-long effort to redefine radio took a small step forward with a closely watched initial public offering. But the IPO lacked some of the sizzle of recent debuts by its Internet peers as questions remain about the company's ability to turn a profit.
Pandora's shares, priced at $16, opened 25% higher Wednesday and briefly touched $26 in their first trading session. By the end of the day, however, the stock surrendered much of those gains amid a broader market selloff. Pandora was at $17.42, up 8.9%, at 4 p.m. on the New York Stock Exchange, leaving the company with a market value of nearly $2.8 billion.
The company broke the first-day pop pattern seen in other Internet players that have gone public recently. Last month, Russian search engine Yandex NV gained 55% on its debut and professional networking site LinkedIn Corp. doubled during its IPO.
Read more: http://online.wsj.com/article/SB10001424052702304186404576387413478265794.html#ixzz1POL48kBK
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