NEW YORK ( TheStreet) -- For some Wall Street analysts, it becomes personal and emotional. Or at least that's how they make it appear.
Quite frankly, BTIG Media analyst
should be ashamed of himself. I know that's harsh, but there's really not a nicer way to characterize his "coverage" of
(P - Get Report)
Somebody at Pandora must have made Greenfield incredibly angry.
Maybe Pandora co-founder Tim Westergren sucker-punched him in a bar or stole a kiss from his significant other. It could be something more benign that bothers Greenfield about Pandora. I feel for him. Pandora's Music Genome Project spits out way too many Dropkick Murphys songs for my liking, but I take it like an adult.
In any event, guys like Greenfield are the reason why
people on Main Street hate the stock market
Sadly, Greenfield has the power to move a stock such as Pandora. It's perfectly logical to think he might even do it for sport.
The schizophrenic way Greenfield covers Pandora helps create volatility in the shares. On one hand, I thank him; these moves make covered call writing on my position easy to execute and more lucrative than it otherwise would be.
On the other hand, there's no good reason for Pandora to move so erratically.
June 11: Pandora closes at $11.15.
June 12: Greenfield
starts the Songza hysteria
by noting the Internet radio company's surge to the top of
App Store charts. He even posts a
video showing how great Songza is. Pandora closes at $10.49.
June 13: The rest of the media latches onto the flimsy Songza hype. Pandora closes at $9.90.
June 14: The media-manufactured spectacle subsides. Pandora recovers, closes at $10.42.
June 15-18: Pandora continues move up, closing at $11.47 on Monday.
June 19: Greenfield out with a cautious mention on Pandora because
will make its streaming service free on iOS apps. Pandora tanks as low as $10.67 intraday.
Until Greenfield or somebody else files a "note" akin to pulling a fire alarm in a high school hallway, expect Pandora to recover once again. It's already on its way.