Despite the prospect of a fruitful partnership, Wall Street keeps walking away from Live Nation and Ticketmaster.
On Friday, Live Nation (LYV) landed at $3.53, down 33.4 percent on the week. Elsewhere, Ticketmaster (TKTM) ended the week at $4.50, down 34.8 percent. Those declines suggest a bearish mood for the combined Ticketmaster Entertainment, a mere possibility ahead of an uncertain governmental approval.
Meanwhile, the broader market was in a funk. On Friday, the Dow dropped to 7,850.41, down 5.2 percent on the week and the lowest valuation since November 20th. The decline corresponded to a continued raft of negativity, including growing concern that upcoming government rescue efforts will fail to stimulate banks.
Against that cloud, other music-related stocks languished. Warner Music Group (WMG) watched its recent splurge evaporate, sinking 17 percent on the week to $2.05. Elsewhere, Apple (AAPL) slipped a mild 5.6 percent on the week to $99.16, RealNetworks (RNWK) dropped 11.6 percent to $2.75, SanDisk (SNDK) shed 2.97 percent to $10.72, and The Orchard (ORCD) lost 10 percent to $1.98.
On the penny front, Sirius XM Radio (SIRI) dropped 23.1 percent to 10-cents on bankruptcy and acquisition chatter, and Source Interlink Companies (SORC) lost a penny, also to 10-cents.
Wall Street report by analyst Alexandra Osorio.