Pandora IPO debacle: Shares plunge following debut
In the second day of trading, shares of the online radio company fall below the IPO price.
Pandora's high-profile initial public offering has turned into a nightmare as shares fell through the $16 pricing floor today.
The online radio company priced its IPO at $16 a share on Tuesday night. From there, Pandora rocketed north of $22 yesterday. (Shares closed at $17.42 yesterday.) That price turned out to be a sweet spot to short-sell Pandora. Shares today cratered 24 percent, closing at $13.26.
We've noted all the problems with Pandora, but the chart says it all. For Pandora's sake, let's hope it doesn't wind up in CBS News' dot-com IPO hall of shame.
This story was originally posted at ZDNet's Between the Lines as "Pandora's IPO debacle: Shares plunge through offering price after a day."