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Friday, September 13, 2013

Pandora Stock Hits New High During Surge

Pandora stock surged 12% to finish at $23.97 Thursday , its best closing level since it went public on June 15, 2011, according to marketwatch.com.

During the session, the stock also hit a high of $24.43, the highest since it tested $26 on its debut.

The Internet radio company on Wednesday said Brian McAndrews would take over as chief executive, president and chairman, succeeding long-time head Joe Kennedy. (See Original Posting, Click Here.)

“We think McAndrews is a strong hire for Pandora given his deep experience in the digital media and advertising space across both smaller, high-growth companies and well-established publishers,” Doug Anmuth, an analyst at J.P. Morgan, said in a note.

McAndrews was most recently with Madrona Venture Group and served as senior vice president of Microsoft Corp.’s MSFT advertiser and publisher solutions unit prior to that.

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