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Apple iRadio Doesn’t Scare Pandora

At Apple’s World Wide Developer’s Conference in California, Apple (NASDAQ: AAPL) unveiled it’s much-rumored iRadio service and based on the performance of Apple and Pandora’s (NASDAQ: P) stock, Pandora investors aren’t worried and Apple investors are largely unimpressed.

The unveiling of iOS7 Monday marked a large-scale change in the operating system and based on the Apple’s keynote, users should be impressed with it but iRadio, the much-rumored service similar to Pandora and Spotify, had to be unique and evolutionary. What Apple unveiled was a service nearly identical to the services already available to consumers.

Investors sold Apple and poured money into Pandora on the news.

In nearly identical inverse action, as Apple sold off, Pandora attracted buyers at the same rate. Less than one hour before the close of the Monday trading session, Apple was down nearly one percent while Pandora was up 1.87 percent after rising as much as 3 percent when iRadio was unveiled.

iRadio will be available to all iOS users on the iOS, Mac, and PC formats. It’s free with ads to those users or as a premium service with a monthly fee, it will be advertisement-free.

Disclosure: At the time of this writing, Tim Parker was long Apple.

 

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