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Pandora Media (P)

  • Wed, Mar. 18, 9:57 AM
    • Pandora Media (NYSE:P) is up 2.9% as CRT Capital upgrades the shares to Buy from Fair Value, on expectations that royalty rate talk would end up favorable for the streaming music firm.
    • Pandora paid a record $439M to rights owners last year. In dealing with the Copyright Royalty Board, the company reports that it pays $10,000 or more a year to 2,000 artists, and $50,000/year or more to more than 800 artists.
    • The analysts raised Pandora's price target to $22, from $16. Shares are currently trading at $16.18.
  • Mon, Mar. 16, 3:18 PM
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  • Fri, Mar. 13, 1:02 PM
    • Pandora Media (NYSE:P) has had a memorable morning (up 8.1% on about double average daily volume) on what has become periodic takeover rumor, but Dougherty analyst Steven Frankel says don't count on music impresario Jay-Z coming in to buy.
    • That rumor "doesn't make any sense to me," Frankel tells Benzinga, noting that Jay-Z invested in subscription streamer Tidal.
    • With key royalty negotiations going on, Frankel doesn't think Pandora will look for a sale.
    • Pandora's at its highest point since tumbling Feb. 5 after earnings.
  • Fri, Mar. 13, 11:15 AM
    • Takeover rumors seem to be driving Pandora Media (NYSE:P), up 8.9% so far on volume that's about to surpass its daily average.
    • Call volume is heavy, and has been.
    • Takeover rumors (unconfirmed to date) have driven stock runs for Pandora going back for a few years.
  • Tue, Feb. 17, 3:36 PM
    • Pandora Media (NYSE:P) made up some ground last week (+4.2%) from a 17% drop following its earnings, but is trading off again today, -2.9%.
    • B. Riley has reiterated its Neutral rating on the stock and set a $12.50 price target.
    • Macquarie today initiated coverage of Pandora with a Neutral rating and a $16 target.
    • Pandora's in the midst of ongoing court battles, including a consumer privacy case in Michigan (where plaintiffs are urging a pro-Pandora decision be overturned) and a licensing-fee dispute in New York with publishing firm BMI.
    • Shares are trading at $15.
    • Previously: Pandora's Q4: Gains in listeners, listener hours, RPMs (Feb. 05 2015)
  • Fri, Feb. 6, 4:47 PM
    • Pandora Media (P -17.2%) followed up last-night's after-hours action in kind during today's session, as the stock fell to a 19-month low, closing at $15.24.
    • Nearly a dozen analysts responded today with downgrades and lower price targets. Stifel Nicolaus' John Egbert noticed that user metrics were promising but the holiday-season revenue miss was "disappointing and clearly ill-timed." He expected better for the next holiday season, after programmatic buying capabilities for mobile platforms come on line in the coming quarter. Stifel lowered its target to $25, from $29.
    • Martin Pyykkonen at Rosenblatt called for more ad inventory: The company "can gradually drive its ad load rate upward to 10% year-over-year growth without disrupting the consumer listening experience." B. Riley, Wells Fargo, Raymond James and Maxim Group downgraded the stock.
    • Wedbush and Albert Fried were (slightly) more positive: Wedbush reiterated its Outperform rating (though at a $27 target, instead of $35), and Albert Fried upgraded to Market Perform from Underweight, though with a $16 target.
    • Previously: Pandora's Q4: Gains in listeners, listener hours, RPMs (Feb. 05 2015)
    • Previously: Pandora plunges 19.9% after Q4 revenue miss (Feb. 05 2015)
  • Fri, Feb. 6, 12:45 PM
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  • Fri, Feb. 6, 9:12 AM
  • Thu, Feb. 5, 5:35 PM
    • Top gainers, as of 5:15 p.m.: PTLA +16.4%. GSB +15.6%. TWTR +11.4%. UBNT +10.8%. YRCW +8.3%.
    • Top losers, as of 5:15 p.m.: P -21.0%. FWM -15.0%. MXWL -14.6%. NTGR -13.5%. CTRL -10.4%.
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  • Thu, Feb. 5, 5:18 PM
    • Pandora's (NYSE:P) Q4 miss featured some promising operating metrics despite a revenue miss and light guidance.
    • Total listener hours at 5.2B (up 15%) for Q4, and 20.03B (up 20%) for the full year.
    • Active listeners at end of Q4: 81.5M, up 7% from prior year.
    • Advertising RPMs (revenue per thousand listener hours) gained: total of $48.19 (up from prior-year $40.95); comprising Computer RPM of $68.83 (up from $61.92) and Mobile/connected devices RPM of $44.37 (up from $36.20).
    • Total RPM: $51.54 (up from prior-year $44.14); comprising computer RPM of $68.06 (up from prior $61.28) and mobile/connected devices RPM of $48.27 (up from prior $39.99).
    • The metric gains aren't entirely unexpected as Q4 is generally a stronger one for Pandora. Shares now down 19.3%.
    • Previously: Pandora plunges 19.9% after Q4 revenue miss (Feb. 05 2015)
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  • Thu, Feb. 5, 4:13 PM
    • Pandora (NYSE:P) is off significantly after hours, -19.9%, after an earnings report that missed on revenue, and which featured light guidance.
    • Revenue of $268M inclued $220.1M in advertising revenue (up 36%) and $47.9M in subscription revenue (up 24%).
    • Adjusted EBITDA of $43.8M (up 68%) vs. an expected $45.5M.
    • The company stated an outlook for fiscal Q1 of revenues in the range of $220M-225M, vs. consensus expectations of $241.8M, and adjusted EBITDA of -$35M to -$30M vs. expectations of -$9.6M.
    • Press release
  • Wed, Feb. 4, 1:26 PM
    • Considering a 26% decline since Q3 earnings, MKM Partners think Pandora Media (P +4.7%) is the most oversold stock in a group of "mobile, local, social" peers.
    • Pandora also got positive ratings reiterated in the past day, by RBC Capital (Outperform) and JPMorgan Chase (Overweight) -- though JPMorgan has lowered its price target to $34 from $35.
    • With today's gains, Pandora is trading at $18.22.
    • Previously: Will Pandora get boxed out by deal-making Spotify? (Jan. 30 2015)
  • Wed, Jan. 28, 3:52 PM
    • Sony (NYSE:SNE) is shuttering its Music Unlimited streaming service (had seen limited uptake, from all indications) in favor of an alliance with Spotify: The online music giant will power a new service called PlayStation Music, with the offering initially launching on the PS3, PS4, and Xperia phones/tablets.
    • PS4 users will be able to have Spotify music serve as the soundtrack for their games. The PS3 and PS4 respectively have installed bases above 80M and 18M.
    • Pandora (NYSE:P), already dealing with concerns about active listener growth and competition, has slumped below $17 following the news, which comes eight days before the company's Q4 report. Pandora has long argued Spotify's subscription streaming services aren't a major threat to its personalized Web radio services.
  • Fri, Jan. 23, 11:56 AM
    • An OTR Global survey of 17 U.S. ad agencies found the agencies plan to significantly boost their Pandora (NYSE:P) ad spend this year, and are generally pleased with the performance of Pandora ads. OTR also reports Pandora local ad spend rose 90% Y/Y in Q4.
    • Pandora, which closed yesterday less than a dollar removed from its 52-week low of $15.26, has surged above $17 on OTR's report. The data comes four months after eMarketer observed Pandora's share of U.S. digital ad spend (an estimated 1.4%) remains far below its digital time share (7.1%), leaving plenty of room for growth. The Web radio leader has been investing heavily in growing its local ad salesforce.
    • Q4 results are due on Feb. 5. Shares go for 3x 2015E sales. This year's revenue growth consensus is at 31.9%.
  • Wed, Jan. 14, 1:20 PM
    • A slew of tech companies have posted steep losses on a day the Nasdaq is down 1%.
    • Major decliners include Pandora (P -5%), LED giant Cree (CREE -5.9%), cloud HR software leader Workday (WDAY -4.1%), chipmakers Ambarella (AMBA -5.3%), Pixelworks (PXLW -3.7%), Audience (ADNC -3.6%), Spansion (CODE -4.4%), and Cypress (CY -3.9%) (the last two are merger partners), OLED materials/IP provider Universal Display (OLED -4.2%), industrial automation tech provider Echelon (ELON -4.8%), and P2P lending giant/recent IPO LendingClub (LC -4.8%).
    • Possibly affecting OLED: LG Display (NYSE:LPL) has been ordered to halt operations at an OLED TV panel production line following a gas leak that killed two workers.
    • Cree and Pandora aren't far removed from their 52-week lows; the former reports on Jan. 20, and the latter on Feb. 5. LendingClub, whose selloff follows a volatile Tuesday, could be affected by a neutral coverage launch from Susquehanna.
  • Mon, Jan. 12, 12:42 PM
    • Though the S&P and Nasdaq are both down 0.6%, Pandora (NYSE:P) has shot higher. 3M shares have been traded thus far vs. a 3-month daily average of 7.1M. Shares had made a fresh 52-week low of $16.02 on Friday.
    • The gains come on a day when rival Spotify has announced it now has 60M users (15M paid), up from 50M (12.5M paid) only in November. Spotify, long rumored to be prepping an IPO, is a year removed from launching a free (ad-supported) mobile service. Many of its users are in Europe and other locales where Pandora doesn't operate.
    • Pandora had 76.5M active listeners at the end of Q3. Q4 results arrive on Feb. 5.
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Company Description
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.