Pandora filed their IPO today. By end of day Pandora was worth 3.2 Billion . The amazing thing about stock is it really has no direct correlation to a companies actual performance, but is rather valued based on perception, hype and desire. All very human emotions, not logic. Apparently all the people who purchased Pandora $P stock today hadn’t read Pandora’s filing with the SEC. I did. Here’s what you need to know.