Is Wall Street Weary With WMG?
It wasn't a great day for stocks in general, but the Warner Music Group had a particularly tough run . At one point, it's stock traded at low of $4.14 a share and closed at $4.16. That's down 9.7% from the previous day and off a 52 week high of $8.94.
(Check the music stock ticker in Hypebot's right column for an update on the latest market news. So far today it's not pretty.)
low of $5.81 off a 52 week high of $23.92. After hours trading llast night offered a tiny glimmer of hope with bottom feeders taking the stock up 16 pennies to $4.32.
But with no return to music's glory days in sight and no plan from top executives Edgar Bronfman Jr and Lyor Cohen how to get there…
investors may be trully wearying of the Burbank label group. Part of the problem may be the label groups massive $1.1 billion debt and the 9.5% interest they're paying on it. In May, I'd suggested a way that the two exes could forgo a few bonuses and save the company $230,000,000, but apparently they weren't listening. Here's a link to the post just in case they or their shareholders think it might time for a change now.