Pandora's catalog includes over 99% of the songs or artists its users search for. The company knows this -- and like thumbs up, thumbs down and skip data -- Pandora keeps track. The company addresses the less-than-one-percent of items searched that do not occur in its catalog and tracks them down as necessary. So, on both ends, this process is as active, if not more so than on-demand radio, certainly from Pandora's side. It varies from the listener's standpoint, depending on how much time he or she spends interacting with the platform. Don't confuse the company with the stock. This is an excellent trading stock; a bad long-term investment unless you have a long-term time horizon of considerably more than a year. The third quarter was solid. I also think Pandora acted with a bit too much caution for Q4. But it's better to underpromise and overdeliver. In any event, nothing that has happened over the last several weeks -- even the stuff I strongly disagreed with -- changed the course of Pandora's long-term narrative. Don't believe uninformed noise, hysteria and emotion. Follow @rocco_thestreet --Written by Rocco Pendola in Santa Monica, Calif.