Shares of internet radio firm Pandora (P) are all over the map since Monday night's earnings release and news of a deal with KKR (KKR).

EARNINGS: Pandora reported mixed first quarter results Monday night, reporting a narrower than expected loss on revenue that fell short of analyst expectations. Pandora also lowered its revenue view for the current quarter. The company saw a decrease in listener hours to 5.21B in the quarter down from the 5.52B for the same period last year. Active listeners also fell to 76.7M at the end of the first quarter of 2017, compared to 79.4M for the same period of the prior year. The company anticipates strong tailwinds as the advertising technology investments it is making in the first half of 2017 come online in the seasonally strong second half of the year.

KKR DEAL:Along with its quarterly earnings, Pandora announced an investment from private equity firm KKR. The investment will be in the form of a new designated Series A convertible preferred stock of Pandora. Under the terms of the investment, KKR will purchase an aggregate of $150M of the preferred stock.

POSITIVE TURNING POINT:Piper Jaffray was upbeat on Pandora. Pandora is approaching a positive turning point, and the KKR deal increases the chances of the company being sold in the near-term, Piper said in a note. The research firm, which kept an $18 price target and an Overweight rating on the shares, added that Pandora's results indicate that its subscription offerings are demonstrating "early success."

BOOMERANG STOCK ACTIVITY: After the company's earnings report and KKR deal, shares of Pandora spiked in after-hours trading, up as high as $11 per share. At the open the stock was up briefly, opening at $10.55 and trading as high as $10.70 per share.The optimism quickly faded as CNBC's David Faber chimed in that he didn't understand the markets optimism and that it makes it "less likely" they'll get a sale. Faber's comments sent Pandora shares down over 9% to a low of $9.41. Faber added that Pandora had to raise money as it faces increased competition from the likes of Apple and Spotify. The slide in shares continued until CNBC's Scott Wapner, citing his own sources, said Pandora is actively attempting to sell itself and is confident a deal can occur within 30 days. Shares rallied off their lows on the Wapner comments and are now down only 2% at 10.22. per share.

PREVIOUS M&A CHATTER. On July 21, 2016, the Wall Street Journal said Liberty Media (LMCA) CEO Greg Maffei offered to buy Pandora for "roughly' $15 per share but the company's board rebuffed the advance as they believed the company's true value is closer to around $20 per share. Liberty owns satellite radio provider SiriusXM (SIRI). In early March, Maffei told investors at an industry conference, "We think the stock is overvalued, so it's unlikely we're going to buy them." Earlier today, Maffei, speaking on Liberty's Q1 earnings call, said Pandora has not capitalized on the free online radio space.