NEW YORK (Hypebot) – Warner Music Group stock dropped another 4.21% present yesterday to hit an all time low of $5.81 off a 52 week high of $23.92.
Yesterday was a bad day on Wall Street overall. But WMG had hoped to turn investor sentiment with a splashy debut of DRM-free tracks on Amazon and the huge success of Josh Groban's #1 holiday release. Clearly the good news was not enough to overcome overall investor wariness of the music sector.
Its sad to see Warner's historic and profitable catalog valued so low. But its also difficult to imagine a way forward that would return WMG to a position that would satisfy Wall Street.