In the first week of "09 I thought it would be good to check how the economic start was so I stopped by my good ole' buddies site who owns digitalmusicnews.com for the new and exclusive updates and numbers of how all these major companies finished out, and any special roadmaps in the 1st Quarter.
I stumbled upon this article and once again big shout-out to Digitalmusicnews.com for always bringing the latest news in the digital music and economic realm.....
Alongside the bubbly and resolutions, Wall Street bounced back during its first trading day of 2009. Light trading produced mostly mediocre results around Christmas, though optimism pushed the Dow Jones past 9,000 on January 2nd. That is the first post-9,000 finish since early November, and a potential sign for broader gains ahead.
Sound too optimistic? Bottom-feeders are reflecting on a year that witnessed a decline of roughly 4,000 points, just one part of a crater-like 2008. Forecasts on 2009 sway both ways, though music stocks remain distressed - and potentially ripe for buying. That includes Apple (AAPL), still trading at $90.75, a whopping 53.4 percent drop from a year-ago valuation of $194.93.
Live Nation (LYV), battered by broader winds and fears of softening attendance, currently exists at $5.60, down 61 percent from a year-ago tag of $14.36. Ticketmaster (TKTM), now at $6.63, slipped 72 percent from an August debut of $23.71.
Others are also badly bruised. Warner Music Group (WMG), at $3.24, is down 44.2 percent to from a year-ago valuation of $5.81. The Orchard (ORCD) is down 38.8 percent to $1.99, from $3.25 at the start of 2008. Sirius XM Radio (SIRI), at 12.2 cents, is down 96.2 percent from a year-ago $3.25; Source Interlink Companies (SORC), at 14 cents, is down 95.2 percent from $2.89; and SanDisk, at $11.08, is down 66.6 percent from its early-2008 price of $33.17.
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