Pandora (NYSE: P) shares popped nearly four percent in pre-market trading Monday after several analysts issued bullish research reports on the internet radio company—then settled quickly as soon as the market opened. The stock’s whipsaw action reflects optimism about the booming online radio market, tempered with doubts about the company’s prospects in the face of competition from Apple (NSDQ: AAPL), Google (NSDQ: GOOG), Amazon (NSDQ: AMZN) and upstart Spotfiy.
Pandora went public at $16 per share last month, raising $235 million, but its stock fell sharply after Spotify’s long-awaited U.S. debut. Today’s bullish analysis from Morgan Stanley and others helped send the stock to $18.74 in early action, but investors remained unconvinced, sending the stock down 2.27 percent to $17.62 after the opening bell. Read More
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