Pandora Wows Wall Street

[ECTNews]

 Pandora launched its initial public offering Tuesday evening, opening at $16 per share. On Wednesday morning, the Internet radio's stock price opened at $20, then rose to $26, placing the company's value at $4.2 billion. Later on Wednesday, the price fell to $18.30. Despite Pandora's lack of profitability, the surge in its share price was expected. The company offered just 9 percent of its shares to the public, and buyers clamored to sop up the limited supply. The market is still trending a heavy appetite for technology stock.