The P stood for "plunge" for Pandora (P) stock on Friday as its shares sank 18% in early trade following reports that Apple (AAPL) is in the middle of licensing negotiations for a service that will rival the online radio company's. Pandora shares are trading at around $10 following the report in the Wall Street Journal.
According to the Journal, "Apple's outsize presence in online-music sales and massive installed base of MP3 players, smartphones, tablets and computers could make it a much more serious threat to Pandora than any of its current would-be rivals."
Pandora, which started as part of the Music Genome Project back in 2000 and went public in June of last year (priced at $16, it rose more than 8% on its first day of trade on the NYSE), currently owns the online streaming radio market, with about 54 million active users. The largely ad-supported service allows its users to create radio stations based on their favorite artists or tunes. So, for example, if you want toRead More »from Pandora Feeling Pain as Apple Seeks to Take a Bite Out of Its Audience