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Media

Pandora Becomes A Busted IPO (P, SIRI)

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By Jon C. Ogg Updated Published
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courtesy of Pandora Media
Pandora Media, Inc. (NYSE: P) is one which we were skeptical on and we warned investors that it was a value hat trick, but not just because of its business model.  This was a Wall Street trick and investors fell for it.  The company raised literally about twice what was originally anticipated.  Only about one-tenth of the company’s authorized shares are in the float.

Now it is trading under $16.00 IPO price after what appears to be a post-IPO peak price of about $26.00 yesterday.  We saw over 40 million shares trade hands yesterday when just 14.7 million shares traded hands.  You know that only a portion of those shares were resold by IPO-flippers.

If Pandora did accomplish one thing, it seems to have helped drive down SIRIUS XM Radio inc. (NASDAQ: SIRI).  SIRIUS XM is back under $2.00 at $1.93.  It turns out that all that conviction from short sellers has started to win for them.

At 10:23 AM EST we see that 5.2 million Pandora shares have traded and the stock is down 9% at $15.85.  UPDATE: Shares closed at $13.26 with a drop of 23.8% today!!!

Enough said.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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