Some music companies’ stock prices took a hit Monday as markets around the world fell sharply on fears the coronavirus is not contained and will leave a large impact on economies around the world.
The Madison Square Garden Company fell only 2.4%. The company gets roughly half its revenue from entertainment properties such as Madison Square Garden and Radio City Music Hall in New York and The Forum in Los Angeles. MSG is planning to spin off its entertainment segment from its sports division sometime in the first quarter.
The Dow Jones Industrial Average and S&P 500 fell more than 3.6% on Monday, their worst days in two years. Apple’s 4.8% drop also weighed on the S&P 500 a week after the company announced the virus was responsible for delays in iPhone manufacturing and closure of some retail stores in China.