From today's TRI Newsletter: Pandora stock dropped 5% on Friday and made the New York Stock Exchange's list of biggest percentage losers. But was it because new Internet audio rival Spotify announced a more Pandora-like feature, or because it was the end of the 180-day lock-up period from Pandora's own June 14 Initial Public Offering? As is standard with IPOs, insiders and existing shareholders observed the period during which they could not sell their stock. That pause lets the market for the stock get normalized, so it’s not flooded with additional shares that could buffet the price. That 180-day period is up as of today, and Forbes estimates that based on the S-1 filing, about 145 million of the company’s nearly 162 million shares have been locked up. Follow Pandora stock (“P”) here. Subscribe to the daily TRI Newsletter from Radio-Info.com, or any of the other newsletters such as Ross On Radio and the Daniel Anstandig-authored 'connected', just click here. There's no charge.