Pandora Media Inc P shares are trading higher by $0.76 (6.4 percent) at $12.76 in Friday's session. The catalyst for the rally is the announcement that the company has raised Q4 guidance citing "subscription momentum and RPM growth."
After a higher open, the issue immediately found resistance in a familiar area just above the $13.00 level. Its current high of $13.07 comes in just below a series of five consecutive highs between $13.10 and $13.20 from December 29 through January 5.
Since reaching that elevated level, some profit-takers have come in and nudged the issue lower. So far, the ensuing decline has found support well ahead of the upper-end of Thursday's range ($12.03), as the current low stands at $12.61.
Pandora hasn't closed above $13.00 since January 5, when it ended that session at $13.01.
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