The Real Fear for Pandora Investors

NEW YORK ( TheStreet) -- Subsequent to its secondary stock offering, it's farcical to watch the tech and financial media's reaction to Pandora ( P).

Am I the only one not six months behind on the company's prospects?

When everybody hated Pandora, I loved it, particularly because I was doing the necessary work to obtain a better understanding of the company's business. Then the haters -- once the stock soared and Pandora's results spoke for themselves (i.e., things became obvious!) -- turned on something much larger than a dime. As an investor or merely an observer of the Internet radio space, lots of good that does you.

So, then, when everybody was wholly on board with loving Pandora -- around six to eight weeks ago -- I started questioning things. My reconnaissance started to give me a slightly bad taste. Case in point: Mid-August's Can Pandora Hit $40 a Share? Focus on page two of that article.

It's not that I'm about to jump off of the bandwagon; I'm just not as fired up about the company as I once was. I see cracks that, quite frankly, have little to do with what has critics "concerned" this week -- the allegedly "updated" risks section Pandora filed with the SEC attendant to notification of the stock offering. As if this seemingly universal concern from the armchair Pandora watchers, after how wrong they have been, means anything?

Talk about click bait.

This Greg Sandoval article is little more than filler between display ads: Pandora sees more risks to its business. Lazy journalism 101.

Did Sandoval bother to look at previous Pandora filings, such as its annual report for the fiscal year ending January 31, 2013?

I guess not. Must have been too much work to open two browser windows and compare the documents against one another.

I read through the new filing and previous ones. There's nothing "more" or new here, at least not if you have paid close attention to Pandora since it went public. There's a lot of boiler plate and a bit of management saying cool your jets, we face the same challenges we always have. Even Elon Musk at Tesla Motors ( TSLA) recently admitted he thought Wall Street had gotten ahead of itself with his company's stock. And I can tell you this -- because I know for a fact -- Musk was feeling this way as early as late May when TSLA only traded for around $100.

It's called managing expectations. Pretty standard practice, which is likely part of the reason Pandora gained back all it lost and more on the secondary news during Tuesday's trading. Plus, it's not like the company's set to fall off of a cliff.

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