Tough Times At WMG
WMG stock lost more than 1% on Friday to close $11.00. It was a bad day for the markets overall, but at one point in trading Warners matched its 52 week low of $10.48. (Track current WMG stock prices here.)
This comes just ahead of a scheduled report to the markets on Tuesday, which is sure to chronicle a continued decline is sales. WMG will release fiscal third quarter financial results prior to the opening of the NYSE and will hold an earnings update call Tuesday morning at 8:30 a.m. ET.
To access the conference call, dial 800-857-2625 or 210-234-6601. The passcode is "Warner Music." Call in 10 minutes prior to the start time or replay the call until Tuesday, August 14, 2007 at 11:00 p.m. ET by dialing 800-873-2151 or 203-369-3570. There is also a webcast at www.wmg.com
WMG who usually announce a flood of new initiatives just prior to each quarterly report has been uncharacteristically silent (except for today’s acquisition of Non-Stop Music); and rumors are growing more persistent that some kind of executive shuffle is imminent.
