Pandora Higher Amid Flurry Of News

Pandora Media Inc. P shares are trading higher by $0.53 (6 percent) at $8.95 in Friday's session.

Before the open, Pandora announced that Sirius XM SIRI made a $480 million investment in the company. CNBC's David Faber reported Sirius had offered to buy Pandora for $8 a share.

Pandora also sold Ticket Fly for $200 million and affirmed its Q2 and FY 2017 estimates.

After a flat open, Pandora immediately bottomed just above Thursday's close ($8.42) at $8.46 and began to move higher. So far, the ensuing rally has taken the stock to $9.01 and isn't far off that high.

There may be limited resistance in the $9.00 handle as the next two highs based on the daily charts don't come into until the pair of highs at the $9.50 area from June 5 and 6.