Loading…
Sunday, July 13, 2014
Current Weather
Loading Current Weather....
Published: Thursday, 6/16/2011

Internet IPO sensation closes lower on 1st day

BLADE STAFF AND NEWS SERVICES

NEW YORK — Investors learned a hard lesson Wednesday about red-hot Internet companies: They can go cold very quickly.

Shares in the latest Internet initial public offering sensation Pandora Media Inc. surged 48 percent in early trading in their first day on the open market but reversed course and closed below their opening price on the New York Stock Exchange. Growing doubt increased about whether the online radio service would ever turn a profit led to the drop.

Those who bought at the $16 IPO price are still ahead, but almost anyone who bought during market hours Wednesday suffered a loss. The stock closed the day at $17.42.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories




Poll