Pandora Plummets, Cumulus Retreats


It was a strong start to the week for major indices on Wall Street Monday, as the Dow Jones Industrial Average soared 144.71 points, to 21,568.99, and the Nasdaq Composite index gained 87.25, to 6,239.01.

But, it was a poor day for Pandora Media, as the struggling streaming audio company’s stock fell another 1.3%, to $6.90, and continued to decline in early after-hours trading.

Volume for Pandora was 18.1 million shares; normal trading volume is 11.74 million shares.

The dip came as Pandora opted to sell its only radio station for a substantial loss—a move that may prove to be a belated victory for ASCAP, which fought Pandora for two years in an attempt to get the FCC to deny the company from owning a Rapid City, S. Dakota CHR/Pop station on the grounds that its foreign investment was not fully known.

Monday was also a difficult day for Cumulus Media, as its shares slid 9.4%, to 44 cents on lighter-than-average volume. Cumulus’ market cap now stands at $12.75 million.

Seeing positive momentum to start the week is Townsquare Media. The owner of medium- and small-market radio stations, which just staged Mountain Jam at the Hunter Mountain Ski Resort in Hunter, N.Y., saw its shares climb 2.3% to $10.32.

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