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Believe Leads Music Stocks With 19% Jump Following Bid to Take Company Private
Music stocks this week are led by Believe as well as Spotify, Live Nation and K-pop companies, whose shares rose on the Billboard Global Music Index.
After the group obtains a 75% stake through already agreed-upon transactions with some shareholders, it will acquire regulatory approvals and the opinion of an independent expert before making a tender offer for the remaining shares. That led investors to flee from stocks for fear that the higher-than-expected inflation figures would cause the Federal Reserve to keep interest rates high to cool the economy. Then on Thursday (Feb. 15), numbers from the U.S. Census Bureau showed that retail sales fell 0.8% in January, worse than the expected 0.3% decline and well below December’s 0.4% gain.
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