Clear Channel Takes Another Stab at Pandora Media

Clear Channel has decided to keep the user-programmable stations on its iHeart Radio online radio service free of commercials through April 1, 2012 instead of the end of January 2011. The strategic decision may further squeeze Pandora (NYSE:P), which is already contending with growing competition from online radio providers Clear Channel, Spotify and other new services.

Here’s how music and radio related stocks are trading on the news:

Pandora Media Inc. (NYSE:P): P shares recently traded at $10.28, down $0.24, or 2.28%. They have traded in a 52-week range of $9.33 to $26.00. Volume today was 260,245 shares versus a 3-month average volume of 725,370 shares. The company’s trailing earnings are $-0.22 per share.

SIRIUS XM Radio Inc. (NASDAQ:SIRI): SIRI shares recently traded at $1.77,. They have traded in a 52-week range of $1.27 to $2.44. Volume today was 10,485,482 shares versus a 3-month average volume of 70,607,500 shares. The company’s trailing P/E is 44.25, while trailing earnings are $0.04 per share.

Google Inc. (NASDAQ:GOOG): GOOG shares recently traded at $583.35, down $4.84, or 0.82%. They have traded in a 52-week range of $473.02 to $642.96. Volume today was 1,008,739 shares versus a 3-month average volume of 3,108,360 shares. The company’s trailing P/E is 19.88, while trailing earnings are $29.34 per share.

CBS Corporation (NYSE:CBS): CBS shares recently traded at $24.73, up $0.34, or 1.39%. They have traded in a 52-week range of $16.15 to $29.68. Volume today was 3,067,208 shares versus a 3-month average volume of 9,343,640 shares. The company’s trailing P/E is 14.07, while trailing earnings are $1.76 per share.

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