Pandora IPO Soars, Then Falls
Following today's announcement that stock of Pandora Media Inc. will be traded publicly on the New York Stock Exchange, shares of the company rose to $26 from its initial $16 offering, making it one of the most valuable music-related companies in the world, according to Billboard.biz. Shares fell to $20.53 later in the trading session, still up 28 percent from the company's initial offering, and giving Pandora a market value of approximately $3.32 billion. As of this posting, shares were trading at $18.05 , showing a general downtrend. (6/15)