Pandora Falls Below IPO Price, Reversing Yesterday’s Gain
This article is for subscribers only.
Pandora Media Inc. fell, erasing yesterday’s gain, amid concern that competition may stymie efforts by the online-radio company to reach profitability.
The Oakland, California-based company declined $1.31 to $16.11 at 1:03 p.m. in New York Stock Exchange composite trading. The stock earlier dropped as much as 11 percent to $15.50. The company raised $234.9 million in an initial public offering on June 14.