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Pandora Pops Again on High Demand, Court Win

By  +Follow September 19, 2013 12:50PM
Tickers Mentioned:

Stock in internet radio company Pandora (P) rose over 7 percent today, gradually gaining ground as the day wore on. The company’s stock has been on a roll, with 11 straight days of gains since its last down day on September 4. The most likely reasons for the continued gains are higher-than-expected demand for shares in their recently-announced stock offering as well as news that the company had won its court battle with the American Society of Composers, Authors, and Publishers (ASCAP) over songwriting royalties.

Major Offering Sparks Major Interest

Pandora announced on Monday that it was offering some 10 million new shares with shareholder Crosslink Capital, Inc. offering another 4 million. The partners then announced today that they would be boosting the size of that offer by 30 percent to some 18.2 million shares, priced at $25 apiece. Pandora currently has just 176.4 million outstanding shares.

Court Victory Over ASCAP

Pandora also celebrated news of a court victory over the ASCAP. The ruling means that Pandora is entitled to license any and all songs in the ASCAP catalog and specific publishers like Universal (CMCSA) and BMG (SNE) can’t negotiate separately for higher royalties. The ruling, though, only affects royalties paid to songwriters, which are a fraction of those paid to performers. Still, it represents a victory in Pandora’s efforts to control costs.

"We welcome the court's decision," said Pandora's assistant general counsel Chris Harrison in a statement. "We hope this will put an end to the attempt by certain ASCAP-member publishers to unfairly and selectively withhold their catalogs from Pandora."

ASCAP was disappointed in the ruling, though.

"Songwriters deserve fair pay for their hard work," said ASCAP CEO John LoFrumento.

Pandora is on a Role

Pandora reached another record high as it continued to push into new territory. Since market close on September 4 (when shares dipped 3.24 percent), Pandora’s risen by over 50 percent, increasing the company’s market cap by over $1.5 billion in just two weeks. These recent gains also mean the stock has nearly doubled in value since the start of the year.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for P
Sensible Investing
22 Aug 14 08:18:28
RT @abnormalreturns: [post] Bundling, unbundling and app apathy. http://t.co/872XjgrLcO $GOOG $FB $YHOO $P $AAPL
22 Aug 14 08:17:16
@Thedude_cami $p!t on this D!€k (close enough)
Tadas Viskanta
22 Aug 14 07:59:15
[post] Bundling, unbundling and app apathy. http://t.co/872XjgrLcO $GOOG $FB $YHOO $P $AAPL
Market News Desk
22 Aug 14 07:39:04
$P: [video] Stock Pops & Drops: SEAS, P, FCEL, KING http://t.co/GZlZ6pBOyY http://t.co/yH1O3sTpAB
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22 Aug 14 07:32:23
@novrila_7 Ok ​(y):)(y) . `A. _/ )_ $ïp $p $ïp broo
John Turner
22 Aug 14 07:30:33
$P 3 Reasons Pandora Media Inc. Stock Could Fall http://t.co/KxtJohOddU
22 Aug 14 07:00:54
Yellen was spot on that some sectors are overvalued. $P no moat, increasing competition, no real cash flow. Many others are the same
Eya lovatic
22 Aug 14 06:06:41
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Scott Kessler
22 Aug 14 06:00:23
Pandora's mobile app is more popular in the U..S. than many appreciate, per a new comScore report: http://t.co/SoG9D2cfnM. $P
Almost a Trader
22 Aug 14 06:00:18
Watching: $CRM $GME $FL $ANN $TFM $LOCO - $SOCL stocks - $P $FB $TWTR $GPRO #stocksinplay #scanning #earnings #TGIF
22 Aug 14 00:55:02
RT @LizClaman: The company HIRING RIGHT NOW: and it's a cool one @indianmotocycle http://t.co/jvTGrgJJHO $P!! stock up 32% year over year.…
21 Aug 14 22:09:17
Me da mucho miedo la pelicula de $p@ce!
Market News Desk
21 Aug 14 21:39:05
$P: [video] Shazam hits 100 million users http://t.co/yGWrRu4V4N http://t.co/Xra8vsJ2gO
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ari espinosa❤️
21 Aug 14 21:14:09
N!g+ ch3f $p!cy 😘😂 @TheMattEspinosa
Mark Yusko
21 Aug 14 20:06:14
$P RT “@DKThomp: Pandora more popular than every non-Facebook app, for every age demographic http://t.co/SBQnvYk7v5 http://t.co/wlAbORuIja”
Dj Money Horse
21 Aug 14 19:31:39
Money Conwell (!N $p@¢€) http://t.co/coF2UeYneS on #SoundCloud
21 Aug 14 19:25:01
Slick(Shorten) getting away with ridicule on petrol excise because we're not telling consumer > $p/ltr. @LiberalAus shut him up HOW MUCH $
Pandora Careers
21 Aug 14 18:56:12
RT @dpaschel: What Is Pandora Doing Right? @TheAtlantic #GenderEquality @pandoracareers @PandoraPulse @pandora_blog $P http://t.co/XwAKheLP…
Eya lovatic
21 Aug 14 18:40:47
I #votedemilovato for the 2014 MTV #VMA Best Lyric Video! See who's in the lead and vote: http://t.co/2hg5lSXurI $p$ù
Financial Headlines
21 Aug 14 18:38:25
$P: Google's best and worst acquisitions http://t.co/RRrkR8eM5u http://t.co/RIV83fyoIV
arXiv hep-ex
21 Aug 14 17:38:36
[1408.5016] D0 Collaboration : Measurement of the effective weak mixing angle in $p\bar{p}\rightarrow Z/γ^{*}\ri... http://t.co/NIl41gpCb4
Business News Watch
21 Aug 14 17:38:25
$P: Pandora Falters After Rising On Improbable Takeover Rumor http://t.co/TVE1YPuhCS http://t.co/YWLwMcPcgY
21 Aug 14 17:35:39
RT @MaiikolMorales: @.@ $p http://t.co/dXAftJiOGG
21 Aug 14 17:34:18
@.@ $p http://t.co/dXAftJiOGG
arXiv math.NT
21 Aug 14 17:29:42
Barman, Saikia, McCarthy : Summation identities and special values of hypergeometric series in the $p$-adic set... http://t.co/9vZZJwLOTQ
Christopher Dupree
21 Aug 14 17:19:41
RT @LizClaman: The company HIRING RIGHT NOW: and it's a cool one @indianmotocycle http://t.co/jvTGrgJJHO $P!! stock up 32% year over year.…
VictoR NeguébA
21 Aug 14 17:16:14
Centro $P República.!! #skatelife #skateboarding #vivaoevivendo #obrigahh 👊💂📷🌃 http://t.co/v1nnkgVI9O
arXiv math.DS
21 Aug 14 17:12:49
Shilei Fan, Lingmin Liao : Dynamics of the square mapping on the ring of $p$-adic integers http://t.co/o0hiRVFHzr
21 Aug 14 16:44:32
@Deiawuff $P
21 Aug 14 16:21:28
@UsuiOwns $P!J D0BRZ€
21 Aug 14 15:33:31
RT @onedrugyou: sabiendo que tenes una sonrisa en tu hermoso rostro yo soy feliz :') $P
Liz Claman
21 Aug 14 15:10:42
The company HIRING RIGHT NOW: and it's a cool one @indianmotocycle http://t.co/jvTGrgJJHO $P!! stock up 32% year over year. U.S. JOBS
Lenny Swan
21 Aug 14 14:52:54
RT @OpenOutcrier: $P rumor Carl Icahn has acquired stake
Financial Updates
21 Aug 14 14:38:26
$P: [video] Shazam hits 100 million users http://t.co/VwCTVINMb2 http://t.co/HAOL9VikhA
21 Aug 14 14:26:42
25 most popular mobile apps in US => $FB $GOOG $P $AAPL $YHOO $TWTR $NFLX $AMZN $EBAY http://t.co/MpzEW2bKkh @qz
Will Valentine
21 Aug 14 14:16:08
RT @dpaschel: What Is Pandora Doing Right? @TheAtlantic #GenderEquality @pandoracareers @PandoraPulse @pandora_blog $P http://t.co/XwAKheLP…
lisa lee
21 Aug 14 14:14:56
RT @dpaschel: What Is Pandora Doing Right? @TheAtlantic #GenderEquality @pandoracareers @PandoraPulse @pandora_blog $P http://t.co/XwAKheLP…
21 Aug 14 14:04:34
sabiendo que tenes una sonrisa en tu hermoso rostro yo soy feliz :') $P
Leslie Grant
21 Aug 14 13:58:34
RT @dpaschel: What Is Pandora Doing Right? @TheAtlantic #GenderEquality @pandoracareers @PandoraPulse @pandora_blog $P http://t.co/XwAKheLP…
21 Aug 14 13:48:32
What Is Pandora Doing Right? @TheAtlantic #GenderEquality @pandoracareers @PandoraPulse @pandora_blog $P http://t.co/XwAKheLPjI
21 Aug 14 13:39:13
RT @WallStJesus: $P opening sweep buyer 2860+ Dec $28 calls 3.30
21 Aug 14 12:54:23
$P opening sweep buyer 2860+ Dec $28 calls 3.30
Ani Anirudhan
21 Aug 14 12:54:15
RT @WallStJesus: $P opening sweep buyer 2860+ Dec $28 calls 3.30
21 Aug 14 12:53:24
$P opening sweep buyer 2860+ Dec $28 calls 3.30
US Banking News
21 Aug 14 12:10:06
Peoples Bancorp Of North Carolina announces quarterly dividend of $0.04. Payable on 9/15/2014. 0.97% Yield. http://t.co/4pbuFa6JlD $P...
21 Aug 14 12:09:39
LGBS up 42.86%! News update & New Pick Coming: http://t.co/LfDGSIfVSV $PRLB $P $NXPI
Biz Headlines
21 Aug 14 11:38:38
$P: Pandora Media, Inc. Earnings: Fending Off Competition http://t.co/DLoIJVkDXu http://t.co/jA1mRVLXtx
21 Aug 14 11:12:07
$P - Pandora Media Inc (NYSE:P)’s Staff Racial Diversity Called To Question, Would That Hurt Business? - http://t.co/5lauEGJhFy
By  +Follow September 19, 2013 12:50PM



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