Pandora Media Inc (NYSE: P)
Pandora Media isn’t having the best of days in the market today. After starting the day slightly in the red, the stock continued on a slow-yet-steady downward path. Then, the stock started to spike toward the bottom minutes ago. Below, we’ll talk about what we’re seeing from $P, why, and what we’ll be watching for ahead.
What We’re Seeing From $P
As mentioned above, Pandora Media hasn’t been off to the best of starts today. In fact, at the opening bell, the stock was trading slightly in the red before going on a steady downtrend. However, things went from bad to worse minutes ago when the stock started to take a dive. At the moment (12:03), $P is trading at $12.58 per share after a loss of $0.59 per share (4.44%) thus far today.
Why The Stock Is Down
As is almost always the case, our partners at Trade Ideas were the first to inform us that $P was making a run downward. As soon as we received the alert, the CNA Finance team started working to see exactly what was causing the movement. In this case, it didn’t take long at all to find the story. Ultimately, the declines are the result of comments made by the CEO of Liberty Media.
Minutes ago, the CEO of Liberty Media weighed in with regard to whether or not an acquisition would be likely. In his comments, he said that the valuation of Pandora Media simply doesn’t make sense. However, at the right price, he would be interested. Because of these comments, fears surrounding the stock sent the value downward.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on $P. In particular, we’re watching to see if there is any acquisition news ahead. Nonetheless, considering the comments above, the chances may be slim. We’ll keep a close eye on the news and continue to bring it to you as it breaks!
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