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Technology Stocks : Pandora
P 8.3800.0%Feb 26 3:00 PM EDT

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From: Lahcim Leinad7/19/2011 4:23:39 AM
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The company’s stock closed at $16.95 down 83 cents (4.67 percent) from the last closing of $17.83. On its first day of trading on June 15, Pandora had closed at $17.79 a share, or nine percent higher than its $16 starting price.

Its market cap has also slipped, from $2.78 billion on that first day to $2.71 billion today.

Why all the drops? A little just-launched music service called Spotify. Music subscription sites are a dime a dozen these days, but Spotify had already acquired solid traction outside the U.S., and with that traction it had built up a lot of hype. When it finally launched stateside last week, the sleeping beast of hype awoke, worrying Pandora stakeholders that their little gem of a music service might not be able to weather the storm.

As Amazon, Google and Apple roll out their cloud music services, Pandora’s stock could become shakier.

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