Pandora plummets on report

Investor's Business Daily

Shares of Internet radio service Pandora Media (P)fell on a report that Apple (AAPL) may have made a deal with Warner Music Group, clearing the way for Apple to bring its own streaming music service to market. Apple has been said to be working on such a service for a while, but reportedly hit snags while negotiating music rights. The Wall Street Journal said Mon. that Apple made a deal Sun. to give Warner Music Group publishers 10% of ad revenue. Pandora shares fell 10.6% to 15.22. Apple rose 0.2% to 450.72.

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