NEW YORK ( TheStreet) -- TheStreet's Jill Malandrino spoke to Fred Ruffy of to discuss the recent fluctuations in Apple ( AAPL) and Pandora Media ( P) resulting from Apple's WWDC conference.

Yesterday, Apple announced the much anticipated release of iRadio, the company's product for streaming music. Short-sellers had pushed shares of Pandora lower by 11% leading into the event, with the hope that it would crush the music company.

In short, it did not. Ruffy said that while iRadio still has some unanswered questions, investors seem to believe that it is not an immediate threat to Pandora, whose shares closed higher yesterday and are up to around $15.50 today.

Apple's push into the world of streaming music suggests there might be more money in the industry than many had previously thought, said Ruffy. It has also increased speculation Google ( GOOG) or Amazon ( AMZN) may look at Pandora as a takeover target.

The implied volatility has come down a bit in the options for both stocks, suggesting that the market is in "wait-and-see" mode going forward. Ruffy concluded that Pandora may reverse some of its recent losses now that the Apple event is concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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