Most music stocks posted gains this week as markets absorbed falling consumer sentiment and the producer price index’s fastest rate of increase in three years.
iHeartMedia was the week’s greatest gainer, rising 40.6% to $2.25. The radio giant’s stock rose 25% on Tuesday after its Q2 earnings showed the company beat revenue guidance and managed a small improvement in revenue. CEO Bob Pittman referenced “a still uncertain macro environment,” but a 13% gain in digital revenue helped offset declining broadcast radio advertising revenue.
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