UMG Stock Gains on Layoff News, Believe Shares Fall on Possible Takeover Report, K-Pop Stocks Flop ...Middle East

Universal Music Group (UMG) shares rose 3% on Friday — the same day news broke that the company will lay off hundreds of staffers — and finished the week up 6.9% to 26.95 euros ($29.54). The prospect of cost savings made UMG the top-performing music stock of the week, beating French music streaming company Deezer’s 6.5% gain and 6% improvements by both Chinese music streamer Tencent Music Entertainment and live entertainment company MSG Entertainment.  UMG first let investors know it was planning layoffs in its October earnings call. On Friday, a report by Bloomberg said UMG is planning layoffs as early as this qua

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