Pandora shares plunge on fears of rival Apple service

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 ...