Pandora Shares Trip Circuit Breakers After Report of Apple Radio Service
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Pandora Media Inc. shares quickly tumbled after a Bloomberg report surfaces that Apple Inc. is planning its own radio service for an early 2013 launch. The sharp drop for Pandora shares tripped two circuit breakers within a matter of 10 minutes. Circuit breakers are intended to limit violent swings in individual stocks.
Shares recently fell 19 percent to $7.50. The stock is down 25 percent this year, with Thursday’s tumble pushing shares to a fresh record low. The company went public in June 2011 with a $16 IPO price.
