Pandora's IPO debacle

Pandora’s high-profile initial public offering has turned into a nightmare as shares fell through the $16 pricing floor.

The online radio company priced its IPO at $16 a share on Tuesday night. From there, Pandora rocketed north of $22. That price turned out to be a sweet spot to short sell Pandora. Shares on Thursday cratered 24 percent and were barely clinging to $13 near market close.

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.

Source: www.zdnet.com