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Thursday, June 16, 2011

Evil Spirits Overpower Stocks (NYSE: P) (NASDAQ: SIRI)

NEW YORK - It was if a force powered by the gods took over the stock market today as the market reversed all of its gains seen yesterday as evil was thrust into the once innocent world. Perhaps rather symbolically Pandora began trading today and perhaps opened up a box of evil onto the stock market.

The internet radio company gained 9% on the day but it caused all other stocks to drop by 2%. Pandora's stock was as much as 63% higher earlier in the day.

The company issued 14.7 million shares, 6 million by the company and 8.7 million by former shareholders.

Some say the Pandora IPO may impact the price of Sirius Satellite radio even though their business models have very little to do with each other. Siri shares are down over 13% this month.

To read the Pandora report click here

To read the Sirius Report click here.

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