Deals
Pandora Plunges Below IPO Price, Reversing Yesterday’s Gains
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Pandora Media Inc. fell below its initial public offering price in its second day of trading amid concern that competition may hinder the streaming radio company’s potential for growth.
The Oakland, California-based company declined 24 percent to $13.26 as of 4:15 p.m. on the New York Stock Exchange after climbing 8.9 percent yesterday. The company raised $234.9 million in an IPO on June 14.