Apple Effect on Pandora Drop ‘Premature’: Pro
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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