Pandora shares have regained half the value that was lost following reports that Apple was planning a move into streaming internet radio.
Initial reports in the Wall Street Journal on September 6 suggested that Apple could soon announce something along the lines of 'iRadio' making a big step into the streaming world but positioning itself opposite the likes of Pandora rather than Spotify.
The news sent Pandora shares tumbling as much as 20.8% the following day with the company’s shares ending down 16.7% at 10.47.
When Apple’s iPhone 5 conference went ahead with the new device announced alongside a new iTunes but no streaming radio service, however, investors regained their confidence seeing Pandora shares jump 9.66% over a 14-minute span.
Optimism grew further still the following Friday with the internet radio service moving up another 7.28%
Pandora did not, however, regain all its losses with concerns still apparently present as far as Apple’s potential streaming ambitions are concerned.
Via: Billboard
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