Warner Music, Sirius Bounce Off of All-Time Lows

  • Save

Wall Street breathed some critical oxygen on Wednesday, a rebound that helped music stocks gain ground.

After a difficult Tuesday, the Dow gained 279.01 points, or 3.51 percent, to 8,228.10, based on bargain-buying and a flash of optimism.  That includes some hopeful signs related to the battered banking sector, though broader recovery prospects remain bleak.

In that context, music stocks lifted.  Warner Music Group (WMG) bounced from an all-time low, gaining 11.11 percent to $2.30.  The stock was flirting with sub-$2 valuations on Tuesday.  Elsewhere, penny-stock Sirius XM Radio (SIRI) added 1.36 percent to an even 11-cents, though investors are probably not expecting a broader increase.

Apple (AAPL), ahead of its earnings results, gained 5.92 percent to $82.83 after dropping into the $70s on Tuesday.  RealNetworks (RNWK) tacked 5.42 percent to $3.11, Ticketmaster (TKTM) gained 7.95 percent to $6.79, Live Nation (LYV) gained 6.6 percent to $5.17, and distressed Alliance Entertainment owner Source Interlink Companies (SORC) gained 7.61 percent to 14-cents.

The Orchard (ORCD) slipped 7.5 percent to $1.85.