Pandora IPO Soars, Then Falls

Pandora IPO Soars, Then Falls
Following today's announcement that stock of Pandora Media Inc. will be traded publicly on the New York Stock Exchange, shares of the company rose to $26 from its initial $16 offering, making it one of the most valuable music-related companies in the world, according to Billboard.biz. Shares fell to $20.53 later in the trading session, still up 28 percent from the company's initial offering, and giving Pandora a market value of approximately $3.32 billion. As of this posting, shares were trading at $18.05 , showing a general downtrend. (6/15)

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