Thursday, June 16, 2011

Pandora

The IPO was yesterday, and this is Radio Ink's report about how it went...

"The euphoria over Pandora sent the stock to as high as $26.00 on day one of trading yesterday. Investors then took most of their profits and got out with the stock settling in at $17.42. Not too shabby for a company being lambasted for having no clear plan to make a profit. Pandora finished with a market value of $2.78 billion Wednesday. The IPO raised nearly $235 million. 51 year old Joe Kennedy now has a stake worth $74 million from his 4.2 million shares."

Sounds like it went OK. Needless to say, I wasn't among the investors jumping in to buy it.

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