Pandora stock dropped for the second trading day in a row on Monday after news that SiriusXM was "unlikely" to buy the music streaming service. As of mid-morning, the stock had fallen almost 6% since opening on Friday to $12.26.
Pandora stock lost almost $150 million in value on Friday and Monday after a SiriusXM executive threw cold water on talk of an acquisition. “With respect to all the chatter about [these] acquisitions, you have to look at them as them not being likely,” said SiriusXM's CFO. “That’s the way to characterize it.”
Liberty Media had offered a reported $15 per share at a $3.4 billion valuation, which the Pandora board rejected. As of 11:15 AM on Friday the stock was trading at $12.26 down another 1.68% for the day.
You can track continued movement of Pandora and other music related stock in Yahoo Finance widget in Hypebot's right column.