As the accountants pore over the spreadsheets to prepare quarterly and full-year reports, the share prices of several music-related stocks are enjoying healthy spikes in the new year, with Spotify and Sony leading the way.
Spotify sits at an all-time high of $353 as the market opens today, a $41 rise from a week ago. Sony Corp. starts the day at a 52-week high of $104.
And they’re not alone.
Warner Music Group, which bounced around the mid- to high-20s from early summer to Thanksgiving, saw a price jump in the first half of December and is opening today over $36. In early trading in France, Universal Music Group owner Vivendi is trading near its 52-week high of $26.68, up from $22.45 in late July.
All of those companies have had income during the pandemic. One that did not, Live Nation, is still flying high, opening at $73.46 this morning, three bucks shy of its 52-week high. It enjoyed a nice ride the first week of the year from a price of $70 a share.
Major stock indexes hit record highs last week as investors placed their bets on the new Democratic-controlled Congress' pumping cash into government spending to speed up the economic recovery. This morning, however, the S&P 500, Nasdaq Composite Index and Dow Jones Industrial Average were down as investors react to an increase in COVID-19 cases, a sagging labor-market report and the unpredictability of President Trump.
Are investors jumping in for a quick dividend or are these bullish, long-term investments? Stay tuned.
PRE-GRAMMY GALA GOES GAGA FOR GERSON
Jody will be the center of attention at Clive's shindig. (12/18a)
| ||
NOW WHAT?
We have no fucking idea.
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
WHO'S BUYING THE DRINKS?
That's what we'd like to know.
|