In the mist of these most relevant and unforseen unexpected stock market crashes,
music-related stocks are preparing for another tumultuous week, now the norm on Wall Street. After a brutal October, November has been shaky at best, a broader storm that has punished otherwise solid concerns like Apple. On Friday, the Dow rebounded 248.02 points, landing at 8,943.81, a 2.85 percent gain. But post-Obama confidence was low among investors, and the broader week witnessed a 4.1 percent drop from 9,326.76.
The week was also unkind to music shares, a sign of the times. The robust Apple (AAPL) started the week at $105.64, only to slide to $98.24, a 7 percent drop. And despite a strong recent-quarter report, Live Nation (LYV) dipped 20.1 percent from $11.22, landing at $8.89. Similarly, rival Ticketmaster (TKTM) shed 18.9 percent to $7.71.
Others were also being buffeted. That includes Warner Music Group (WMG), which moved to $3.39 by the bell on Friday, a 19.7 percent decline on the week. The Orchard slipped 6.25 percent to $2.25, and Sirius XM Radio (SIRI) edged downward 25.7 percent to just 26-cents. Even Guitar Hero creator Activision Blizzard suffered a mild, 1.4 percent drop to $12.26, despite strong sales of the game last quarter.
Which is a strong indication that this is going to be a great time to be independent
and self contained as a label and artist because of the times ahead music will always
uplift the people and the digital downloading concepts will be the last foundations standing.
