Pandora Media Inc P shares are trading higher by $0.76 (6.4 percent) at $12.76 in Friday's session. The catalyst for the rally is the announcement that the company has raised Q4 guidance citing "subscription momentum and RPM growth."
After a higher open, the issue immediately found resistance in a familiar area just above the $13.00 level. Its current high of $13.07 comes in just below a series of five consecutive highs between $13.10 and $13.20 from December 29 through January 5.
Since reaching that elevated level, some profit-takers have come in and nudged the issue lower. So far, the ensuing decline has found support well ahead of the upper-end of Thursday's range ($12.03), as the current low stands at $12.61.
Pandora hasn't closed above $13.00 since January 5, when it ended that session at $13.01.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
