Online radio company Pandora had an IPO debut at US$16 a share on Tuesday night. The price boosted to $22 Wednesday, but has wound downward since then. Shares declined 24 percent, closing at $13.26 Thursday, ZDNet reported.
As of 1:28 p.m. Friday, the shares were trading at $12.85, down another 3.09 percent from Thursday’s closing price, Portfolio.com reported.
According to James Temple, columnist at The San Francisco Chronicle, “Pandora is the kick-in-the-shin reminder that every Internet offering still needs to be closely scrutinized on its own financial merits. Investors shouldn’t confuse the opportunity to get in on a stock with a reason to do so.”