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Sphere Shares Jump on Debt Negotiation News, Music Stocks Up Overall as Tariffs Confusion Eases
Sphere Entertainment's stock price was up on the company's debt negotiation news as music stocks overall surged 6.1% amid an easing of tariff fears.
Jay Hatfield, founder/chief investment officer of InfraCap, told CNBC, “We’ve reached peak tariff tantrum” and believes the worst of the uncertainty has passed. Morgan Stanley lowered WMG shares to $32 from $37 and dropped the rating to “equalweight” from “overweight.” Universal Music Group (UMG), which also reports earnings on Tuesday, rose 3.5% to 24.79 euros ($28.28), bringing its year-to-date gain to 3.7%. Cumulus Media shares dropped 16.0% to $0.21 after the company announced on Wednesday (April 23) it will de-list from the Nasdaq exchange on May 2 and immediately begin trading over the counter.
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