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UMG Stock Gains on Layoff News, Believe Shares Fall on Possible Takeover Report, K-Pop Stocks Flop
The 20-company Billboard Global Music Index reached a record 1,566.45, up 3.9% from the prior week.
Universal Music Group (UMG) shares rose 3% on Friday — the same day news broke that the company will lay off hundreds of staffers — and finished the week up 6.9% to 26.95 euros ($29.54). On Friday, a report by Bloomberg said UMG is planning layoffs as early as this quarter, primarily in its recorded music division. Live Nation finished the week up 1.6% to $90.66 after Roth analyst Eric Handler upgraded the stock to “buy” and increased the price target from $92 to $114.
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