Pandora Media Inc P shares are trading lower by a dime at $8.36 in Tuesday's session.
The long-suspected departure of CEO Tim Westergren was announced before the open. No immediate replacement was announced and CFO Naveen Chapra will serve as interim CEO.
The news has put Pandora's five-day rally in jeopardy as the stock has rallied from its intraday low on June 20 ($6.87) to as high as $8.72 in Monday's session.
After a flat open, it found resistance just above Monday's close ($8.46) at $8.50 and began to move lower. It has breached Monday's low ($8.28) but found support at $8.16 and is now drifting back towards the highs for the day.
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