Takeover rumors pushed Pandora shares up over 11% in Friday morning. Although previously empty rumors bring a "crying wolf" element to current rumors, Pandora shares jumped 11.3% to $17.07 Friday morning and had eased down to $16.58 by 1:00 Eastern time.
Twitter has been filled with takeover talk on Friday. The tweets lack specific information and only mention that rumors have been swirling in the investment community. One tweet said the Pandora had hired Goldman Sachs after receiving a bid of $25 per share.
"By policy, we don't comment on rumor or speculation," a Pandora spokesperson tells Billboard.