BigChampagne's Ultimate Chart (a/o February 10th):
1. “What Doesn't Kill You (Stronger),” Kelly Clarkson
2. “Set Fire to the Rain,” Adele
3. “Turn Me On,” David Guetta
4. “Rack City,” TYGA
5. “Good Feeling,” Flo Rida
6. “Smooth Criminal (Glee Cast Version),” Glee Cast
7. “Young, Wild & Free,” Snoop Dogg & Wiz Khalifa
8. “Domino ,” Jessie J
9. “Sexy and I Know It,” LMFAO
10. “Ass Back Home ,” Gym Class Heroes
Got bad portfolio? Music, media, and technology stocks took a bath on Monday, part of a massive market beating. After the House of Representatives denied a federal bailout package, the Dow Jones Industrial Average sunk nearly 778 points, or roughly 7 percent. Meanwhile, the tech-heavy Nasdaq slipped nearly 200 points, or roughly 9 percent.
Regardless of business fundamentals, almost everyone felt the blow. Shares of Apple (AAPL), once a post-$200 stock, moved to $105.29. Warner Music Group (WMG), already struggling sub-$10, dropped nearly 10 percent to $7.08. Consumer electronics giant Best Buy (BBY) slipped a milder 6.5 percent to $36.58, and SanDisk (SNDK) lost nearly 13 percent to $18.81. Live Nation (LYV) dropped nearly 9 percent to $15.23, while Sirius XM Radio (SIRI) lost dangerous ground to $0.62.
The non-passage happened for a variety of reasons, including concerns from constituent taxpayers. The rescue bill is viewed by many as a bailout geared towards wealthy businesses and individuals, and an encouragement of overly-risky behavior. The result was a fractured vote, though deliberations and votes over modified bills remain ahead. Still, the markets expected relief, and the plunge reflects a market nervous about catastrophe. On the music side, companies already suffering from fundamental issues - including Warner Music Group and Sirius - are now part of a much greater financial problem, one that threatens even the most well-run enterprises.
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