Warner Music Struggles Above Two Bucks; Broader Market Down

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Warner Music Group (WMG) struggled to stay above $2 during Wednesday trading, part of a broader market decline.

At the bell, Warner finished at $2.01 after bottoming at $1.84, an all-time low for the company.  The closing valuation, down 0.99 percent from the previous day, comes ahead of Warner’s fourth quarter (fiscal Q1) earnings call.

On the broader market, music-related stocks were mostly mixed.  Apple (AAPL) gained 0.61 percent to $93.55, an improvement on a depressed position.  In other action, The Orchard (ORCD) gained 1.47 percent to land at $2 even, RealNetworks (RNWK) slipped 2.68 percent to $2.91, Sirius XM Radio (SIRI) edged upward 1.79 percent to 14-cents, and Source Interlink Companies (SORC) shed 8.42 percent to 10.99-cents.

Meanwhile, potential merger partners Live Nation (LYV) and Ticketmaster (TKTM) enjoyed gains.  Live Nation jumped 4.61 percent to $5.22, and Ticketmaster jumped 13.36 percent to $6.96.

Elsewhere, SanDisk (SNDK) recovered 7.27 percent to $9.29 after a brutal Tuesday.  The company recently announced quarterly losses totaling $1.86 billion.