Another Bad Day For Music On Wall Street
Wall Street fell 4% Tuesday in part in reaction to slower and vaguer than anticipated government action to slow the ongoing economic slide. But music and music related stocks for the most part slid even farther, as a sector once thought to be almost immune from downturns continued to fall out of favor.
- Post merger announcement both Live Nation ( – 8.88%) and Ticketmaster ( – 6.39%) were down signaling a general lack of Wall Street enthusiasm for the all stock combination of the two live music pillars. The two stocks continued to get pounded Wednesday.
- Viacom slipped 6.95%.
- The Orchard which had flown counter to down markets several days last week fell 6.10% yesterday.
- Warner Music Group had another bad day down 5.70% to $2.15 cents near its all time low of $1.84
- Sony fell 5.4%
- Apple ( – 4.57%) and Real Networks ( – 4.75%) kept their movement downward closer to the -4% market average.
- Only two bottom feeders with stock prices measured in pennies instead of dollars found upward motion. Source Interlink which owns Alliance music and dvd distribution was + 5.4% to 11 cents and Sirius XM climbed +3.55% to 10 cents amid rumors both of bankruptcy and new infusions of cash from Echostar. Sirius XM stock was down another 30-40% during Wednesday morning trading to a mere 7 cents on reports that the company is preparing a bankruptcy filing.
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