Today: Pandora stock leaps after report shows Oakland company is still growing despite competition from Apple (AAPL). Also: Tesla falls after earnings report doesn't live up to whisper numbers.
The Lead: Pandora continues to grow user base as well as stock price
Pandora continued to grow its audience in its first full month of competition with the world's most valuable company, and investors rewarded the Oakland company with yet another day of booming stock prices Tuesday.
The front desk of the Pandora Internet radio company on Wednesday, June 15, 2011 in Oakland, Calif. (Deeba Yavrom/Staff)
Apple launched iTunes Radio with the debut of its new mobile operating system, iOS 7, in September, and many Pandora investors and observers of the streaming-music industry were concerned that the Cupertino company's massive influence with legions of its hardware users could hurt Pandora's popularity. However, Pandora continued to exhibit year-over-year growth in its September listenership, and October numbers officially released Tuesday also showed Pandora's popularity with listeners expanding.
Pandora provides a monthly snapshot that includes total listener hours, market share of radio listening and active users of its service, and all three metrics grew year-over-year in September and October. In addition, two of the three increased sequentially from September to October, with the only exception being total active users, which still increased 20 percent year-over-year.
"October data was in line with our expectations and showed the resilience of our business," Pandora Chief Financial Officer Michael Herring said while giving a preview of the numbers Monday at a San Francisco conference.
Apple CEO Tim Cook said at last month's iPad introduction that iTunes Radio had attracted 20 million users who had listened to more than a billion songs in its first month, but Apple has not provided any listener data since then.
Pandora stock Tuesday experienced the largest percentage gain in the SV150 index of Silicon Valley's largest technology companies, increasing 8.6 percent to $27.88, and has now jumped more than 200 percent in 2013. The company took advantage of its investment popularity, selling stock in a secondary offering that brought in over $500 million, more than twice as much as the company's initial public offering, which sold shares at $16 apiece.
Apple stock fell 0.3 percent to to $525.45 on Tuesday, despite a report that could signal stronger profit margins in the future. An IHS analysis showed that the new iPad Air costs less to manufacture than previous iterations of Apple's popular tablet offering, and after a debut weekend that at least one metric showed to be a successful one, that could mean a bucketload of profits for Apple in the holiday shopping quarter.
Apple also released an in-depth report on the number of data requests it received from law enforcement agencies worldwide in the first half of 2013, following up on an earlier disclosure released after security contractor Edward Snowden provided evidence of the National Security Agency's access to Americans' personal information.
SV150 market report: Tesla dives after earnings report, Facebook gains
Wall Street stalled Tuesday, with the tech-heavy Nasdaq recording a slight gain as the Dow Jones industrial average and Standard & Poor's 500 dipped. Silicon Valley stocks barely moved in Tuesday's session, but Tesla Motors (TSLA) drove off a cliff in late trading following the company's quarterly earnings report.
Palo Alto-based Tesla reported a net loss of $38.5 million, or 32 cents a share, on revenues of $431.3 million, which beat Wall Street projections. However, analysts had been hearing that Tesla would blow away the forecasts, leading to a run-up in Tesla stock that dissipated in after-hours trading Thursday: After closing with a 0.9 percent increase at $176.81, Tesla stock sank lower than $160 in late trades.
Facebook gained 3.9 percent to $50.10, despite an unsubstantiated report that China's TenCent is challenging the Menlo Park company for world's top social network. Yelp gained 2.7 percent to $71.13 after completing a secondary offering that brought in $288.9 million at $67 a share, and Cisco (CSCO) increased 2.2 percent to $23.07.
Google (GOOG) dropped 0.5 percent to $1,021.52 after introducing a new, paid service that allows users instant video access to an expert in different fields; the Mountain View search giant also learned that its acquisition of mapping app Waze would not face an inquiry from the Federal Trade Commission. Hewlett-Packard (HPQ) dropped 1.2 percent to $25.47, Yahoo (YHOO) fell 0.7 percent to $32.97 and Adobe (ADBE) declined 1.1 percent to $54.79.
Up: Pandora, Facebook, SolarCity, Yelp, Cisco, Zynga, Netflix (NFLX), Tesla, Workday, Intuit (INTU), Juniper, LinkedIn, AMD, Gilead, Salesforce
Down: HP, Sandisk, Adobe, VMware, Symantec, Yahoo, Electronic Arts (ERTS), Oracle (ORCL), NetApp, eBay (EBAY), Google, Apple
The SV150 index of Silicon Valley's largest tech companies: Down 0.44, or 0.03 percent, to 1,405.55
The tech-heavy Nasdaq composite index: Up 3.27, or 0.08 percent, to 3,939.86
The blue chip Dow Jones industrial average: Down 20.9, or 0.13 percent, to 15,618.22
And the widely watched Standard & Poor's 500 index: Down 4.96, or 0.28 percent, to 1,762.97
Check in weekday afternoons for the 60-Second Business Break, a summary of news from Mercury News staff writers, The Associated Press, Bloomberg News and other wire services. Contact Jeremy C. Owens at 408-920-5876; follow him at Twitter.com/jowens510.
via apple - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHOqm-74MClV8spp-mpKnInaSFzyw&url=http://www.mercurynews.com/60-second-business-break/ci_24460116/biz-break-pandora-continues-hold-off-apples-itunes
Posts
0 comments:
Post a Comment