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
A worsening global financial crisis has all-but-castrated the bulls on Wall Street. But underneath plummeting portfolios and sinking psyches, a flint of positive thinking remains.
Of course, bad news and fear remain in oversupply. On Friday, the Dow Jones slipped to 8,378.95, a long fall from a year-ago high of 13,990.70. Markets slipped 312.30 points (3.59 percent) on Friday, down 5.3 percent on the week. The Nasdaq dropped a more severe 9.3 percent, and extreme volatility remains in the forecast.
The perfect storm is getting worsened by steepening foreclosure rates, a relative freeze in lending, sinking consumer confidence, and the realization that global economies are stepping into a severe recession. Meanwhile, bottom-fishers appear wary, and less interested in powering a surge, while hedge funds are exerting more downward pressure. Still, bright spots include an easing in interbank lending rates, plummeting oil prices, and for Americans, a sudden revaluation of the dollar.
Wall Street is bleeding, and bigger companies are exposed. But smaller outfits and smart entrepreneurs are continuing to eye opportunities. "There may be some opportunities to catch clients from bigger companies," one boutique entertainment lawyer told Digital Music News. Meanwhile, lean-and-mean companies stand to benefit from a thinning competitive pool, as well as the opportunity to pluck previously unavailable talent.
Music-related stocks remained challenged on Friday. Apple (APPL) sank 1.85 points to $96.38; Warner Music Group (WMG) dropped nearly 6 percent to $3.62; Live Nation (LYV) dropped more than 9 percent to $8.45; The Orchard (ORCD) dropped 30 cents to $1.75; and Sirius XM Radio (SIRI) jumped a few pennies to 29-cents.
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