Fears of
competition from Apple send Pandora shares reeling
Pandora Media Inc (NYSE:P)’s stock is in free fall mode on
reports that Apple Inc is planning to start a streaming radio service. According to sources, Apple which already has
its itunes store, is in discussions with record labels for music licenses.
Advertising generates most of Pandora’s revenues and it
already has competition in the form of Clear Channel, Sirius XM Radio and Spotify.
As Apple is still the discussion stage, it will be a while
before Apple launches its online streaming service and runs ads on it.
Can Pandora Bounce
Back? Find Out Here
There were no comments from spokespersons of either company. Pandora’s shares slid 18 percent and were trading at $10.30. The company’s second quarter results declared
last week were better than expected.
Smith and Wesson
takes off on spectacular results
Meanwhile, on Thursday, Smith & Wesson Holding
Corporation(NASDAQ:SWHC) shares shot up 19 percent thanks to higher than
expected second quarter earnings. In its
fiscal first quarter which ended July 31, the gun maker earned a net income of
$18.9 million or 28 cents per share.
Analysts had forecast profits of $12.87 million or 18 cents per share.
The company has also upped its guidance for the year. It expects revenues in the range of $530
million to $540 million and EPS of 85 to 90 cents. This will be higher than analysts’
expectations of $498.2 million in revenues and EPS of 57 cents.
Will SWHC Continue To
Move Higher? Find Out Here
In its second quarter, the company expects $119 million in
sales and earnings of 13 cents per share.
Although, there is a seasonal slowdown in gun sales every year from the
end of summer to the beginning of fall, the company doesn’t expect sales to slump
much this time around.
Smith and Wesson shares traded at $10.75 in the after
trading session, up by $1.75 or 19.4 percent.
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