NYSE Trader on Sirius, Pandora and Monday's Stock Market Decline
Sirius has agreed to buy Pandora for $3.5 billion.
Sirius (SIRI) - Get Report has agreed to buy Pandora (P) for $3.5 billion.
"It's all about market share," said Matthew Cheslock, an equity trader with Virtu Financial. "We saw this deal coming a little while ago when Sirius put three people on Pandora's board and made an investment."
Plus, after last week's rally in stocks, Cheslock isn't surprised to see a pullback on Monday, with the Dow down some 143 points in midday trading.
