Pandora Media Inc (NYSE: P)
Pandora is having an incredibly strong day in the market today. As soon as the opening bell rang, the stock hit the ground running. Since the opening bell, the stock has been spiking higher in a big way. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching with regard to P stock ahead.
What We’re Seeing From P
As mentioned above, Pandora is having an incredible day in the market today. When the opening bell rang just minutes ago, the stock started an incredible run for the top. Now, 14 minutes in, it’s already on relatively large gains. At the moment (9:44), P stock is trading at $12.92 per share after a gain of $1.44 per share or 12.54% thus far today.
Why The Stock Is Climbing
As usual, as soon as we saw that P stock was climbing in the market, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to dig up the story. The gains seem to be the result of a story featured on CNBC.
According to the CNBC report, Pandora is ready to consider takeover offers. In fact, the company may already be in talks with Serious, one of its largest competitors. Nonetheless, there is no confirmation from either side here and this could all be nothing more than a rumor.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on Pandora. First and foremost, we’re excited to see the results of this announcement. After all, with the fact that P is ready to be acquired out in the public space, there’s bound to be offers flying relatively soon. Nonetheless, we’ll keep an eye on the story and bring it to you as it breaks!
Update – Reuters reports that $P is making no effort to sell themselves.
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[Image Courtesy of Wikimedia]