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.