Pandora Media Closes Down Nearly 8%, Hitting 4-year Low
Shares of Pandora Media Inc. closed down 7.6%, hitting their lowest close since December 2012. The technology sector suffered its second straight session of selloffs on Monday. Netflix Inc. dipped into correction territory Monday morning, leading the FAANG stocks down before bouncing back slightly. And the Nasdaq Composite index finished the day down 0.5%. Last week, Pandora secured a $480 million investment from Liberty Media Corp.-owned satellite radio company Sirius XM . Shares of Pandora have fallen 39.7% in the year to date, while the S&P 500 index is up 8.5% and the Nasdaq is up 14.7%.
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