Most music and tech stops traded sharply downward on Wednesday, as Wall Street reacted a cluster of mixed earning reports. Pandora, Facebook, Google, Twitter, Apple, Amazon, AOL, Yahoo SiriusXM and SFX all finished down. Of the 10 music and entertainment stocks tracked daily by Hypebot, only Live Nation and Sony Corp traded up.
Twitter was among the worst hit. Twitter shares fell 17% Tuesday and fell again 3.7% to an all time low of $30.66 Wednesday. Overall the markets were mixed on Wednesday. The Nasdaq Composite ended the day 0.32% down. The Standard & Poor's 500 Index gained 0.56%.
You're seeing a brutal shift from growth and momentum investing to more value-based investing," Chad Morganlander, a fund manager at Stifel Nicolaus & Co., told Bloomberg News. "The momentum stocks are ridiculously overvalued, but nonetheless, the overall broader market is fairly valued."
Prices at Wednesday's close:
AAPL - NMS$592.33
AMZN - NMS$292.71
FB - NMS$57.39
GOOG - NMS$509.96
LYV - NYQ$23.03
P - NYQ$22.17
SIRI - NMS$3.15
SFXE - NMS$6.62
SNE - NYQ$17.55
TWTR - NYQ$30.66
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