“Pandora shares, which were happily surging along just days ago on better-than-expected second-quarter earnings, are today plumbing the depths, dragged down by reports that Apple is working on a competing streaming radio service,” John Paczkowski reports for AllThingsD.

“Shares of Pandora plummeted more than 19 percent in early morning trading Friday, falling to $10.15,” Paczkowski reports. “Clearly, investors are terrified at Pandora’s prospects in the face of a formidable competitor like Apple — a company whose mobile devices are responsible for a lot of Pandora usage.”

Read more in the full article here.

MacDailyNews Take: Pandora investors are terrified. As well they should be.

[Thanks to MacDailyNews Readers “Dan K.” and “Brawndo Drinker” for the heads up.]

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Apple in talks to create Pandora rival – September 7, 2012