Wall Street Tanks Again… How Music Stocks Fared

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Despite a signed stimulus bill, and retrenched governmental efforts to resuscitate the economy, Wall Street is still depressed.

At the bell on Tuesday, the Dow dropped 297.81 points, or 3.79 percent, at 7,552.60, a valuation that approaches a five-year low.  Broader economic declines, and a feeling that recovery is far away, could eventually backdate the Dow towards late-90s levels.

In that context, music stocks were surprisingly mixed.  Apple (APPL) dropped 4.67 percent to $94.53, while Warner Music Group (WMG) gained 1.95 percent to $2.09.  Live Nation (LYV) gained 1.98 percent to $3.60, and Ticketmaster (TKTM) gained 3.56 percent to $4.66.

The Orchard slumped 14.14 percent to $1.70, and Source Interlink Companies (SORC) dropped 10 percent to just 9-cents.  Elsewhere, SanDisk (SNDK) slipped 5.97 percent to $10.08.

The anomaly was Sirius XM Radio, rescued from bankruptcy on Tuesday by white knight Liberty Media.  That was a gift for day-traders who found themselves at the right place, at the right time.  At the bell, shares of Sirius (SIRI) boomed 60 percent to 16-cents.

Wall Street report by analyst Alexandra Osorio.