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Pandora Media, Liberty Media, General Electric, Synchrony Financial - AFTER HOURS

Here at Proactive, we took a look at what happened after the bell in New York

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Pandora has been missing a permanent boss since Westergren stepped down in June

Shares in Pandora Media Inc (NYSE:P) surged 3.10% after the bell in New York yesterday on news that the internet radio group had a new chief executive.

Roger Lynch, the former head of online TV provider Sling, is the new man at the helm, replacing the firm's founder Tim Westergren.

The news appeared to go down well with the market.

Pandora has been missing a permanent boss since Westergren stepped down in June, under pressure to resign after a group controlled by Liberty Media Corp (NYSE:FWONA) bought a stake for US$480mln, giving it 19% of Pandora’s shares and three board seats.

 

Meanwhile, Warren Buffett's Berkshire Hathaway was back in the news too, taking a stake in financial services group Synchrony Financial (NYSE:SYF, whose shares raced up over 5% to US$29.64 after-hours.

 

Berkshire has bought 17.46mln shares in the latter, which was  the financing arm of General Electric that was spun out in a 2014 initial public offering (IPO).

Speaking of which, shares of General Electric Company (LON:GEC) went the other way, slipping a tad after it emerged Berkshire had sold its stake in the group.

The conglomerate had previously held 10.6mln shares of GE, according to its regulatory disclosure in May.

Last but not least, shares in materials firm Arconic Inc (NYSE:ARNC) fell 2.24% after hours as the metals manufacturer posted gains in day trading on Monday for the first time since August 7, but then slipped after the bell.

Shares closed regular trading on Monday up 2.38% to US$24.56.

Quick facts: Pandora Media

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NYSE:P
Market: NYSE
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