NEW YORK (TheStreet) -- Shares of Pandora are jumping after research firm OTR Global wrote that its survey indicated that advertising agencies plan to accelerate their spending on the company's ads this year. WHAT'S NEW: After surveying 17 U.S. ad agencies, OTR Global reported that the agencies plan to increase their spending on Pandora's ads by a larger amount this year than last year. The agencies are taking this action because they are happy about the performance of their ads on Pandora, OTR reported. Additionally, OTR said that local buyers' spending on Pandora's ads soared about 90% last quarter versus the same period a year earlier. Meanwhile, Pandora increased its lead on two of its main competitors, iHeartMedia and Apple's iTunes Radio, the firm indicated. WHAT'S NOTABLE: Bank of America/Merrill recently identified Pandora as one of its top small cap picks for 2015. PRICE ACTION: Near noon, Pandora jumped 8.5% to $17.28. Reporting by Larry Ramer.
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