Wild Upswing Revives Warner Music Group

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On Thursday, a late-day surge pushed a handful of music-related stocks higher. Among those benefitting from the push were Apple, Sirius XM Radio, and Ticketmaster. The surge also lifted shares across different industries. After briefly dropping below 8,000, the Dow Jones Industrial Average surged more than 900 points before settling at 8,835.25, representing a 6.67 percent boost. Overall, markets experienced a net gain of 552.59 points. Similarly, the tech-heavy Nasdaq jumped 97.49 points, or 6.5 percent, to land at 1,596.70.

The surge in the markets was attributed to a flurry of bargain-hunting and a flash of optimism. This optimism was fueled by reports of a potential vaccine for the COVID-19 virus, which has wreaked havoc on the global economy. Investors also reacted positively to the news of various countries easing lockdown restrictions and restarting their economies.

The surge in the markets aided a beleaguered bunch of music stocks. Apple (AAPL) pushed solidly into the 90s, jumping 7.01 percent to $96.44. Ticketmaster (TKTM) also jumped 11.72 percent to $6.29. The Orchard (ORCD) added 1.6 percent to $2.54, while Sirius XM Radio (SIRI) improved by 8 percent to a bottom-dragging 27 cents.

On the losing side, Live Nation (LYV) slipped 1.71 percent to $5.75, based on continued pessimism towards live concert attendance. The COVID-19 pandemic has forced the cancellation of numerous live concerts and festivals, causing significant losses for the entertainment industry.

Among the music stocks that experienced notable gains was Warner Music Group, which had hit an all-time low of $2.74 on Wednesday. On Thursday, the company’s shares jumped 37.23 percent to $3.76 by the bell. The surge in Warner Music Group’s stock price could be attributed to the company’s recent IPO, which was priced at $25 per share. The IPO had raised $1.9 billion, making it the largest IPO in the music industry’s history.

The surge in the markets on Thursday provided some much-needed relief to investors who had been grappling with the uncertainty caused by the COVID-19 pandemic. The pandemic has caused significant disruptions in the global economy, with numerous businesses forced to shut down or operate at reduced capacity. Governments around the world have implemented various measures to mitigate the impact of the pandemic on their economies, including stimulus packages and interest rate cuts.

The surge in the markets on Thursday could be seen as a sign that investors are cautiously optimistic about the future. However, it remains to be seen whether the surge in the markets will be sustained over the long term. The COVID-19 pandemic is still ongoing, and there are concerns that a second wave of infections could lead to renewed lockdowns and further economic disruptions.

In conclusion, the surge in the markets on Thursday provided some much-needed relief to investors, including those in the music industry. The surge was fueled by a flurry of bargain-hunting and a flash of optimism, which was partly due to reports of a potential vaccine for the COVID-19 virus. While the surge in the markets is undoubtedly good news, it remains to be seen whether it will be sustained over the long term, given the ongoing uncertainty caused by the pandemic.