- After rising 6.6% yesterday to new highs, Pandora (P -3%) is giving back some of its gains today.
- This morning, the Web/mobile radio leader announced underwriters have fully exercised the 2.73M-share overallotment option provided with the company's 18.2M-share stock offering (priced yesterday). That means the offering now stands to yield gross proceeds of $393M, and increase Pandora's diluted share count by 9%.
- Initial takes on iTunes Radio (AAPL - became available on Wednesday, as part of iOS 7) have mostly been positive. Users like the service's music algorithms, History and Wish List features, and station-customizing tools, as well as a Featured Stations option that CNET (4.5/5 stars) thinks "[blends] the personal touch of a curated list with the scale and smarts of an underlying algorithm."
- CNET also praises the larger size of iTunes Radio's library (27M tracks to Pandora's 1M), ability to leverage iTunes playback/purchase data, and "minimally intrusive ads." Billboard (2.5/4), however, is critical of iTunes Radio's Siri integration (unable to handle some basic commands) and the reliability of its syncing features.
- Still working in Pandora's favor: the time invested by its 72M+ active users in creating custom stations, and the ability to support users looking to listen on both iOS and Android hardware.
at CNBC.com (Nov 18, 2014)