NEW YORK (TheStreet) -- Pandora Media (P) shares fell 8.4% to $24.08, as of 3:10 p.m. New York time. The company has traded between $23.90 and $26.10, after opening the day at $25.98. The company is lagging the S&P 500 which is down 1.01%.
Pandora Media, along with other momentum stocks this year, plunged as investor worries over the current political uncertainty in Washington plagued the market.
Stretching into its eighth day, the government shutdown is a result of deadlock among Congressional leaders to agree on a new budget. Investors are also concerned the government will default on its debt obligations if it fails to raise the debt ceiling by the soft deadline of October 17.
"Many of the recent winners are breaking key levels," said 'Real Money' contributor James 'Rev Shark' DePorre in his analysis Tuesday. "It is very likely that many of these stocks will bounce back sharply at the first hint of some sort of Washington deal."
TheStreet Ratings team rates Pandora Media Inc as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate Pandora Media Inc (P) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share."