Pandora Media's Stock Swings Sharply Higher After Report Of Sale Talks

Pandora Media Inc.'s stock swung sharply higher in afternoon trade Thursday, after The New York Times reported that the music streaming service has held talks about selling the company. The stock soared 11% on volume of more than double the full-day average, according to FactSet, after being down as much as 8% earlier in the session. The Times report, which cited people briefed on the talks, said Pandora was working with Morgan Stanley to meet potential buyers. The talks were still preliminary, and might not lead to a deal, the report said. The stock's surge comes three days after the stock closed at the lowest price since December 2012, amid growing concerns over competition and lower ad loads. The stock was still down 30% year to date, compared with a 16% decline in the Nasdaq Composite.