Pandora (P) Shares Drop Following Launch of New Samsung Music Service

May 29, 2012 10:20 AM EDT
Pandora Media (NYSE: P) shares are taking a hit Tuesday, the first day of trading following the long holiday weekend, amid reports Samsung has launched its own music service in Europe named Music Hub.

The news comes along with the launch of Samsung's much-anticipated smartphone, the Galaxy S III.

Music Hub is aimed directly at Apple's (Nasdaq: AAPL) iTunes, but may also throw a wrench in the works at Pandora and Spotify in the streaming media-o-sphere.

Shares of Pandora are off 7 percent. Volatility was higher earlier, but has since flattened out.

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