NEW YORK (TheStreet) -- Shares of Pandora (P) dropped by 4.6% Wednesday, closing at $20.98, after the Oakland-based Internet radio company said it would buy Ticketfly, a ticket marketer, for $450 million.
"We believe this acquisition closes the loop for Pandora by creating a one-stop-shop for artist discovery, marketing and concert ticket sales," John Egbert, a Stifel Nicolaus analyst, told the Associated Press.
San Francisco-based Ticketfly "sold 16 million tickets to 90,000 events last year, with the value of those tickets surpassing $500 million, the news service reported.
"The combination of Ticketfly and Pandora will be game-changing for our clients," said Rachel Durfee, Ticketfly's director of communications, in a company blog post.
"Ticketfly and Pandora will be a marketing and event discovery powerhouse, giving our clients unprecedented access to a massive and targeted audience of nearly 80 million music fans.
"We will solve the longstanding problem of event discovery by seamlessly connecting Pandora's enormous audience to events they'll love. This will enable promoters to sell out more shows, and will strengthen the bond between artist and fan."
The company's shares opened for trading on the New York Stock Exchange Wednesday morning at $16.74 and slipped throughout the day. The Silicon Valley company, based in Mountain View, Calif., markets an enterprise data storage platform.
Pure Storage's dismal debut may prompt other companies to reconsider their plans to go public in the near future.
"Pure was the largest venture-capital-backed offering of the year, having raised $470 million from VC firms including Greylock Partners, Redpoint Ventures and Index Ventures," Re/code reported. "So far this year at least 47 companies have withdrawn plans to go public, according to data gathered by Renaissance Capital."
"The number of pricings in the United States so far this year is down 35% from the same time in 2014," the New York Times reported. "And those stock sales on average have fallen 4.2%" from their initial price.
Pure Storage CEO Scott Dietzen told CNBC that he has encouraged his employees -- and investors -- to focus on the long term. "This is a marathon, not a sprint," Dietzen said.
Read TheStreet's complete analysis of Pure Storage's first day on Wall Street.
Apple (AAPL - Get Report) shares closed at $110.78 Wednesday, down less than 1%. The technology giant "tops the list of U.S. companies that hold the most offshore profit, according to a new study," SiliconBeat reported.
"Apple would have to pay more than $59 billion in taxes if the company tried to bring its $181 billion back to the United States, according to the study, which also noted that the Cupertino, Calif., has three tax-haven subsidiaries overseas," SiliconBeat said. The study was conducted by the Citizens for Tax Justice.
Separately, Apple's Beats announced that a new and improved $229 Pill+ bluetooth speaker will be available next month, TechCrunch reported.
Alphabet's (GOOGL - Get Report) (GOOG - Get Report) Google "unveiled a mobile publishing platform aimed at making news articles on smartphones load faster, catching up with similar services recently introduced by Facebook (FB - Get Report) and Apple," Bloomberg News reported.
"Google's service, called the "Accelerated Mobile Pages Project," or AMP, is aimed at loading mobile Web pages almost instantly instead of requiring consumers to wait several seconds to open an article," Bloomberg said.
Amazon (AMZN - Get Report) and Accenture (ACN - Get Report) "are teaming up to provide cloud-based technology services to businesses, catapulting the Web retailer further into territory long dominated by companies such as HP (HPQ - Get Report) and IBM (IBM - Get Report) , Bloomberg News reported.
"The new venture, announced Wednesday at an Amazon event in Las Vegas, will be staffed by Amazon and Accenture employees, who'll design new services and help corporations shift technology operations to the cloud," the news service said. "Working with Accenture will help Amazon land new and larger services contracts."
Meanwhile, former Twitter CEO Dick Costolo has a new gig. He is assisting the writers of Time Warner's (TWX) HBO hit Silicon Valley.