Another Week Survived; Music Mixed on Wall Street

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Instead of jaw-dropped crashes and half-baked recoveries, Wall Street marched through a milder, pre-Christmas climate last week.

Over the period, the broader Dow Jones Industrial Average (DJIA) slipped just 51 points, or less than 0.6 percent, to land at 8,579.11.

Predictably, the mood was bearish, though perhaps some holiday optimism crept into the floor.  A late-stage bailout for US automakers, coupled with a rate-cut slash by the Federal Reserve, added modest momentum to the market.  That could carry into Christmas week, though slower volume could also inject more volatility into the markets.

All of that is affecting music stocks, though each company is also managing company-specific concerns.  That includes Apple, an otherwise healthy company now trading at a relatively distressed $90, down 8.4 percent on the week.  Floating concerns surround consumer appetite for higher-priced Apple products, part of a far broader spending slowdown.

Elsewhere, Warner Music Group (WMG) gained 12.9 percent on the week to $3.06; Ticketmaster (TKTM) boosted 31.8 percent to $6.42; and Live Nation (LYV) gained 12.3 percent to $4.30.

Among the losers, Alliance Entertainment owner Source Interlink Companies (SORC) slipped 26.3 percent to just 14 cents on the week; The Orchard (ORCD) dropped 22.4 percent to $1.70; SanDisk (SNDK) shed 3.2 percent to $9.60; and Sirius XM Radio (SIRI) lost roughly 21 percent to just 11.6 cents.

In Europe, the British FTSE-100 gained a modest 6 points to 4,286.90 on the week; the French CAC-40 gained roughly 12 points to 3,225.90; and the German DAX-30 gained just 33 points to 4,696.70.  The Japanese Nikkei 225 gained 4.3 percent to 8,588.52.