Pandora shares plunge on fears of rival Apple service

Pandora shares plunge on fears of rival Apple service

Reuters
Published Sep 7, 2012 05:35PM MDT
Shares of Pandora Media Inc. tumbled by double-digit percentages on Friday as investors feared that Apple Inc. would start a competing streaming radio service. Apple is in talks with record labels to license music for a service that would play songs based on a similar genre or artist, according to a report in The Wall Street Journal. Apple already has a stronghold in music through its iTunes store. “They are the biggest threat out there,” said Capstone Investments analyst Rory Maher. Pandora is ...
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