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WMG IPO Price Drop

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(AP) Warner Music Group Corp.'s initial public offering didn't hit the high note its owners were hoping for Tuesday, pricing its initial public offering at $17 a share, below its expected range of $22 to $24.

The New York recording company sold 32.6 million shares to the public. Shares will begin trading Wednesday on the New York Stock Exchange under the symbol WMG.

It became clear by mid-afternoon Tuesday that Warner would be unable to price within its original range. Underwriters began shopping the deal to investors at a lower price point of $19 to $20 before settling at the offer price. [see full story for more] - Click here for the Full Story

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