Well, that didn't take long.
Pandora Media (NYSE: P) went public at $16 on Wednesday. The popular music-discovery site that accounts for half of the Internet radio listening market was hot. Within minutes, the first wave of buyers had bid the stock up to $26.
Then came the selling. The stock closed at $17.42 on Wednesday, well off its morning highs but at least above its IPO price tag. Thursday's close … $13.26. Welcome to world of broken IPOs, Pandora.
That's it, folks. This is how quickly sentiment changes on Wall Street in this nervous climate. One day the stock can be the best thing since sliced bread. The next day your bread gets sliced.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- Shield your eyes when it comes to optical networking. Finisar (Nasdaq: FNSR) is the latest player in this niche to get slammed after providing troubling guidance.
- Research In Motion (Nasdaq: RIMM) also hosed down its near-term outlook on Thursday. Is it too late to rename the BlackBerry the BlackAndBlueBerry?
- Arkansas and Connecticut are the two latest states forcing Amazon.com (Nasdaq: AMZN) to boot its affiliate marketers to avoid having to tack on state sales tax to residents in those states. Knowing how this plays out, why do states keep opting for this lose-lose scenario?
- The FDA reports that a Regeneron Pharmaceuticals (Nasdaq: REGN) treatment for wet age-related macular degeneration is just as good as a drug already on the market. It's a mixed blessing only to be merely "as good" as an existing treatment, but it does hint that approval is likely.
- An analyst is forecasting that Apple (Nasdaq: AAPL) will have $136.8 billion in cash come 2013. Is Apple going to finally put its huge cash hoard to good use, or is this going to be another painful reminder of how much we're overpaying for its stylish and addictive wares?
Until next week, I remain,
Rick Munarriz
