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Pandora Media

5/24/2013, 11:34 PM ET

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Friday, May 24, 4:26 PM After rising nearly 13% at the open following better than expected Q1 revenues with a jump in subscribers to its premium service, Pandora (P -4.2%) shares moved too far too fast before falling amid questions about the quality of its results. "Pandora needs to show further monetization gains in order to reach sustainable profitabilty," Dougherty's Steven Frankel says. "The mission is far from complete." 13 Comments [Tech, On the Move]
Friday, May 24, 10:20 AM Pandora (P +6.2%) gets a couple of more sell side boosts post-earnings, with Wells Fargo maintaining a Buy and upping its price target to $20-$22 from $15-$17. "Conversion of consumers impacted by mobile cap exceeded company estimates." Needham ups its FY14 EPS estimate a penny to $0.05 and reiterates its Buy and $20 PT. Comment! [Tech, On the Move]
Friday, May 24, 9:10 AM Premarket gainers: BLOX +17%. IOC +15%. YGE +13%. P +11%. MRVL +5%.
Losers: DF -52%. SHLD -16%. AVEO -15%. RSOL -13%. TITN -11%. APPY -7%. ANF -7%. CRM -5%. 2 Comments [On the Move]
Friday, May 24, 7:12 AM Pandora (P) gets a post-earnings upgrade to Outperform from Sector Perform at RBC. "Is there something now that makes you think … you'll have a more subscription mix in the model going forward [considering] the increase in that Pandora One revenue?" analyst Mark Mahaney asks on the call. "From a product perspective it doesn’t change," CFO Michael Herring says, but "we will always look into optimizing our business and finding that balance between how much we want to emphasize the subscribers versus focus on ad sales." Price target to $24 from $16. Shares +11.6% premarket. (earnings summary, CC transcript) Comment! [Tech, On the Move]
Thursday, May 23, 5:33 PM After-hours top gainers, as of 5:15 p.m.: BLOX +18.2%. P +8.7%. MRVL +7.7%. NSPR +2.7%. OHI +2.4%.
After-hours top losers: AVEO -13.3%. WETF -11.9%. SHLD -11.5%. TITN -11.1%. I -8.1%. Comment! [On the Move]
Thursday, May 23, 4:38 PM More on Pandora (P) 2014 FQ1 earnings: FQ2 revenue guidance of $155M-$160M, EPS of a loss of $0.02 to profit of $0.01 vs. consensus of $149.7M and $0.01 profit. FY14 revenue guidance of $615M-$635M, EPS of a loss of $0.02 to profit of $0.08 vs. consensus of $616.7M and $0.01 profit. FQ1 non-GAAP mobile revenue of $86.7M up 101% Y/Y vs. mobile listener growth of just 47% (improved monetization). Total listen hours of 4.18B up 35%. Share of total U.S. radio listening is 7.33%, up from 5.86% a year ago. CC at 5 ET. Shares +8.5% AH. (PR) 1 Comment [Earnings, Tech, On the Move]
Thursday, May 23, 4:13 PM Pandora Media (P): Q1 EPS of -$0.10 in-line. Revenue of $125.5M beats by $1.67M. Shares +9.3% AH. (PR) Comment! [Earnings, Breaking News, Tech, On the Move]
Thursday, May 23, 12:10 AM Notable earnings after Thursday ’s close: ARO, BLOX, CRM, GPS, MENT, MRVL, P, ROST, SHLD, SVM, WSM, ZUMZ Comment!
Wednesday, May 22, 5:35 PM Notable earnings after Thursday ’s close: ARO, BLOX, CRM, GPS, MENT, MRVL, P, ROST, SHLD, SVM, WSM, ZUMZ Comment!
Wednesday, May 22, 9:31 AM Pandora (P +1.85%) announces a new Facebook (FB) Timeline app which lets users publish music activity automatically to their FB Timeline. P says listeners will have complete control over what they share with their friends and notes that the new offering "builds upon existing Pandora-based social features available on both mobile and the web." (PR) Comment! [Tech, On the Move]
Tuesday, May 21, 12:28 PM Pandora (P +0.1%) launches Premieres, a station that gives listeners access to album releases a week before they go on sale. Records from John Fogerty and Laura Marling are the first ones supported. The announcement comes shortly after Pandora hired Billboard publisher Tommy Page to expand its branded content/live event offerings. Rocco Pendola argues Pandora's user base and data give it an opportunity to strike deals with indie artists struggling to get by under the current system. Comment! [Tech]
Monday, May 20, 1:25 PM The sell-side is dueling over Pandora (P +3.4%) ahead of Thursday's FQ1 report: Just one trading day after Maxim cut shares to Hold and MKM started coverage with a Sell, Barclays is upgrading the Web radio leader to Equalweight and raising its PT to $17 from $10. Shares now +81% YTD; 33.4% of the float was shorted as of April 30. (Piper) Comment! [Tech, On the Move]
Friday, May 17, 4:34 PM iRadio (AAPL) is "still bogged down in licensing talks," music industry sources tell The Verge's Greg Sandoval. In addition to Sony (already reported to have rejected Apple's licensing terms), BMG is said to be holding out for a better deal; one has reportedly been signed with Universal. Apple's interest in offering on-demand options not found on Pandora (P) and other Web radio services has reportedly complicated talks. Past reports stated Apple is aiming for a summer launch. 14 Comments [Tech]
Friday, May 17, 9:35 AM A downgrade to Hold from Maxim's John Tinker leads Pandora (P -0.2%) to open lower, but shares have quickly bounced. Tinker cites valuation, noting Pandora trades near the $17 PT Maxim set back in Aug. '11. He's otherwise positive, noting improved mobile monetization and the fact Pandora support is now built into 95 car models. Piper raised its estimates yesterday. 1 Comment [Tech, On the Move]
Thursday, May 16, 10:05 AM Piper raises its estimates for Pandora (P +1.9%) ahead of next Thursday's FQ1 report, citing improved mobile monetization. Strong mobile ad sales growth was a key reason Pandora took off following its FQ4 report, but the company's mobile ad prices were still only at 56% of PC levels. (eMarketer estimates) Comment! [Tech, On the Move]
Wednesday, May 15, 1:05 PM Google (GOOG +2.2%) launches All Access, its well-reported subscription music service. All Access, available today in the U.S., costs $10/month, is integrated with Google Play, and allows song selections to morph into Web radio stations. No news about a rumored YouTube music video service for now. Pandora (P -0.5%), which has weathered Spotify's attack well, is only slightly lower. Google is also announcing a Galaxy S4 with stock Android (previous) that sells for $649 unsubsidized, and states Chrome's monthly user base has topped 750M (up 300M+ Y/Y) - that's an indirect positive for Google's search share and traffic acquisition costs. (live blog) Comment! [Tech]

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