Apple's ITunes For Android Hits Pandora Stock - Update

(RTTNews) - Shares of Internet radio service Pandora Media Inc (P) slid eight percent Monday on reports that Apple Inc (AAPL) may offer its iTunes Radio app for Android.

Pandora offers its music streaming service on platforms including Android, and iTunes app, until now confined to Apple devices, will provide some stiff competition if it latches on to Android.

Apple's possible foray on to Android comes as it faces an eroding market share and lackluster stock prices.

Pandora has its own problems. The company, faced with increasing music licensing costs, recently said it plans to raise the fees for its ad-free service by $1.00 and to move yearly subscribers to a monthly plan. It remains to be seen if these decisions impair its subscription base.

Pandora also reported a slower climb in listener-hours for the current quarter. In February the company reported an increase in fourth-quarter profit, but its guidance was none too inspiring.

Meanwhile Apple was said to be in talks with senior music label executives about launching a new music streaming subscription service.

The tech giant was in talks with Comcast Corp (CMCSA) about a streaming-television service that would use an Apple set-top box and get special treatment on Comcast cables.

Pandora stock is trading at $31.23, down $2.78 or 8.17%, on a volume of 9.8 million shares on the NYSE.

Apple is trading at $538.80, up $5.93 or 1.11%, on a volume of 7.4 million shares on the Nasdaq.