Short Sellers Pare Positions in Pandora (P) Ahead of Apple (AAPL) Event
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Shares of Pandora (NYSE: P) climbed on Friday, gaining 6.5% intra-day. Interestingly, the move higher follows reports that Apple (Nasdaq: AAPL) inked a deal with Sony Music, rumored to be the holdout music label following previous iRadio deals with Universal and Warner Music.
There is no guarantee Apple will announce iRadio next week, but from an investor perspective the news is probably already discounted to a large extent. With this in mind, Pandora's rally could be a sell-the-news reaction for trader hoping to profit on iRadio worries. Pandora stock is lower by over 15% in the past 2-weeks, and today's move could also be tied to profit taking. According to recent data, 33.7 million shares of Pandora are held short, or about 26% of the float.
There is no guarantee Apple will announce iRadio next week, but from an investor perspective the news is probably already discounted to a large extent. With this in mind, Pandora's rally could be a sell-the-news reaction for trader hoping to profit on iRadio worries. Pandora stock is lower by over 15% in the past 2-weeks, and today's move could also be tied to profit taking. According to recent data, 33.7 million shares of Pandora are held short, or about 26% of the float.
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