NEW YORK (Hypebot) – The sinking economy dragged U.S. stocks down 3.3% on Thursday, and some companies in the music sector took even deeper dives.
Warner Music Group fell 4.6% to just 10 cents above its all time low of $2.00. Live Nation dropped a whopping 13.8% despite naming a strong new international executive team. Real was down 4.8% and a recently reorganized Ticketmaster did not benefit from any of the famous Azoff magic falling 8.2%. Alliance Distribution's parent Source Interlink fell another 15.3% to end the day at a mere 10 cents as bankruptcy rumors swirled.
Of the major music stocks, only The Orchard bucked the downward trend rising 7.95%. If early morning Asian markets are any indication, the downward spiral may continue today.