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Netease Cloud Music & Warner Music Stocks on Hot Streaks, Though Trade War Leads to Overall Decline
Warner Music and Netease Cloud Music's stocks were up amid an overall decline for the Billboard Global Music Index, as Trump's trade war heated up.
Music stocks had a mixed week as markets fell in reaction to President Trump’s escalating trade war. On the positive side, Netease Cloud Music added to its hot streak by rising 8.9% to 241.00 HKD ($30.70) in the week ended July 11. On Wednesday (July 9), Bank of America Securities upgraded WMG to “neutral” from “underperform” and increased its price target to $33 from $28, citing the benefits of layoffs and licensing agreements with music streaming services.
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