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Pandora Pounded After Q1 Miss And Lower Guidance

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Pandora Media Inc (NYSE: P) shares are trading lower by $0.94 at $9.46 in Tuesday's session. The catalyst for the decline is a first-quarter EPS of a nickel along with a sales miss of nearly $21 million. Also, the company slashed Q2 and FY 2017 sales guidance.

Despite the poor report, the issue managed a higher open at $10.70, but that has turned out to be the high for the session. So far, the ensuing decline has taken the issue to $9.41, and it has not been able to distance itself from that low.

That far exceeds it former low for 2017, which was at $10.50. The issue is now trading at levels not seen since May 9, 2016, when it had a low for the day at $9.34. If that low is breached, there may be additional support at the pair of lows from May 5 and 6, 2016, at $9.18.

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