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Universal Music Group Shares Fall Nearly 9% on Pershing Square Stock Sale
Universal Music Group shares fell nearly 9% this week on Pershing Square's stock sale, while music stocks were down overall amid a market tumble.
Some synch opportunities may dry up as advertisers make cutbacks, but overall, the music is a hearty business that doesn’t follow typical economic cycles. Despite a host of strong quarterly earnings results in recent weeks, President Donald Trump’s tariffs on goods from Canada, Mexico, China and Europe have caused markets to panic, taking down music stocks along with the industrial and agricultural companies most likely to be affected. Most stocks improved on Friday (March 14) as markets rallied — despite a decline in the University of Michigan’s consumer confidence index — but the first four days of the week were too much to overcome.
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