Given Pandora’s 55 million users, the stock’s decline following Apple decision to enter the streaming music space was overblown, Josh Brown of Fusion Analytics said Friday on CNBC.
(Read More: Pandora, Online Stocks Not a ‘Monolith’: Traders)
“I have an iPhone, and I probably won’t get rid of the Pandora app. And I think if you look at the business itself and forget about Apple for just a moment, considering the fact that there’s enough room for more than one player in this space, the business is pretty good,” he said on “Fast Money.”
“These guys are growing on a lot of different metrics,” he said. “Sales up 51 percent last quarter, three-year growth rate of 132 percent. And again, keep in mind, 20 percent of the float was short going into today, so I wouldn’t be shocked to see some covering here.
(Read More: Citi Analyst Predicts ‘Worst 3Q Ever in PC History’)
“I do respect the fact that Apple can come in and rep the model, but I think it’s a little premature.”
Trader disclosure: On Sept. 7, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long INTC; Pete Najarian is long SLV CALLS, SHORT PUTS; Pete Najarian is long SCCO CALLS, SHORT PUTS; Stephen Weiss is long AIG; Stephen Weiss is long QCOM; Stephen Weiss is long BRCM; Stephen Weiss is long UGL; Stephen Weiss is short VALE; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in GLD; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in SWHC; Jon Najarian is long GLUU; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI;
For Glen Yeung
Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of INTC. ______________________________________________________
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