StockMarket - Tumblr Posts

Shares of Pandora Media Inc. P -16.71% tumbled Friday, following news that Apple Inc.AAPL +0.62% is in discussions to introduce a competing Internet-radio service.

"The 800-pound gorilla is pounding his chest, and people are starting to get nervous," said Richard Tullo, an analyst with Albert Fried & Co. "Apple has big competitive advantages. It already has a big reputation in the music industry."

Pandora's shares fell to as low as $9.95 before recovering slightly to finish the session at $10.47, off nearly 17%. Apple shares, meanwhile, rose 0.6% at $688.44.

Pandora, which went public last summer, has become a market leader in advertising-supported Internet radio. The company offers a widely used service whereby users can build "stations" that stream various songs based on selected artists.

However, the Oakland, Calif., company has struggled to become profitable as each additional user of its service tacks on more royalty fees paid every time it streams a song. In addition, Pandora has found it difficult to pull in advertising revenue at a rate commensurate with rapidly expanding use of its service on mobile devices.

Continue Reading

Thanks pappy. 😠 https://www.instagram.com/p/CZ2MBu8uD-m/?utm_medium=tumblr