06-16-2011, 10:59 PM
http://www.chicagotribune.com/business/b...0807.story
Pandora Media shares plunged as much as 25 percent Thursday, sending it below its IPO price and burning investors who had once clamored for a piece of what was touted as a red-hot sale.
During its second day of trade, doubts mounted about whether the online radio company would ever turn a profit and compete with its Internet rivals, causing investors to bail out of the stock from the earliest hours of the session.
Shares closed at $13.26, down $4.16 or 24 percent, on the New York Stock Exchange. This is below the $16 per share IPO price, meaning investors who bought the stock as it went public have lost money.
...and that assuming they got in at the IPO price - trading went as high as $26 on the IPO day.
Pandora Media shares plunged as much as 25 percent Thursday, sending it below its IPO price and burning investors who had once clamored for a piece of what was touted as a red-hot sale.
During its second day of trade, doubts mounted about whether the online radio company would ever turn a profit and compete with its Internet rivals, causing investors to bail out of the stock from the earliest hours of the session.
Shares closed at $13.26, down $4.16 or 24 percent, on the New York Stock Exchange. This is below the $16 per share IPO price, meaning investors who bought the stock as it went public have lost money.
...and that assuming they got in at the IPO price - trading went as high as $26 on the IPO day.