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CTS Eventim Shares Gain 5.3% on Earnings Guidance as Music Stocks Rally
Music stocks rallied this week as iHeartMedia, HYBE and SiriusXM saw the biggest gains along with German concert promoter CTS Eventim.
SiriusXM rose 6.7% to $3.00, perhaps assisted by news the company signed Gen Z podcaster Alex Cooper( Call Her Daddy) in a move that could help bring a younger audience to its new streaming app. After U.S. Federal Reserve chair Jerome Powell suggested on Friday (Aug. 23) it would soon cut interest rates, both the S&P 500 and Nasdaq finished the week up 1.4%. In South Korea, where trading was closed by the time the Federal Reserve statement made news, the KOSPI composite index rose 0.2% to 2,701.69.
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