The NewJeans label CEO controversy has hurt HYBE stock while Spotify shares rise after a strong quarterly earnings report at the streaming service.
, “deliberately led the plan to take over management control of the subsidiary,” according to a statement sent by the company on Thursday .
Shares of HYBE fell 7.8% on Monday and ended the week down 12.6% to 201,500 won . HYBE later, who owns an 18% stake in ADOR, to the police for “breach of trust and other allegations” and asked her to step down, it said in the April 25 statement. The dispute added to HYBE’s losses at a time when most music stocks are faring well. HYBE shares have fallen 13.7% year to date and 25.4% over the last year.HYBE was the biggest loser in a week most music companies’ stocks were up.
Billboard Global Music Index were losers. The index gained 3.2% to 1,756.98, breaking a two-week losing streak and bringing its year-to-date increase to 14.5%. The week’s greatest gainer was streaming company LiveOne, which increased 14.5% to $1.90 after it provided two updates to upcoming earnings releases. On Monday, the companythat it expects fiscal 2024 revenue of $118.5 million, up 19% from $99.
Spotify’s stock closed Friday up 5.0% to $289.59 after an up-and-down week. Shares rose 11.5% on Tuesday — and posted an intraday gain of 19.2% — following the release of the company’sbut gave back nearly all the gains over the next two days by falling 6.8% and 2.3% on Wednesday and Thursday, respectively. Tuesday’s intraday high of $319.30 was Spotify’s highest share price in over three years. The last time Spotify traded above $319.30 was Mar. 8, 2021, when shares reached $323.04.
Indexes around the world posted gains this week. In the United States, the Nasdaq was up 4.2% to 15,927.90 and the S&P 500 improved 2.7% to 5,099.96. Both indexes were helped by Alphabet, which rose 10% to $173.69 on Friday after releasing first-quarter earnings and announcing a $70 billion buyback program. In the United Kingdom, the FTSE 100 rose 3.1% to 8,139.83. South Korea’s KOSPI composite index gained 2.5% to 2,656.33. China’s Shanghai Composite Index rose 0.8% to 3,088.64.
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