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It Was A Bad Day For Warner Music Group

image from www.soundoffcolumn.com
Just hours after Warner Music Group reported an $18 million quarterly loss, the company's stock had fallen 18% or $1.25 to $5.81. WMG recovered slightly by the close of trading, ending the day at $6.20 down 12.8%. It was major label group's biggest single day drop in more than two years. Overall, the DOW was flat down just 0.16% for the day.

Wedbush Morgan Securities analyst Chris White downgraded Warner Music to “neutral” from “outperform” today after the company missed his estimate of a 6 cents per share profit.  “The stock’s appreciation of recent months has raised the operational bar for the company, and we’re not sure recent results meet this elevated standard,” said White.

More: Warner Music Group Reports Continuing Losses


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