The "BIG3" agencies of Korean entertainment are seeing a significant plunge in their stock prices.
According to KOSDAQ on October 24, JYP Entertainment's stock plunged 21.85%, SM Entertainment's stocked dropped 18.18%, and YG Entertainment's stock tumbled 12.41% compared to the previous day of trading.
The big dip in stock prices followed after an analyst announced the agencies would most likely fall short on the estimated earnings for Q3.
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Han Kyung Rae financial analyst of Shinhan Investment Corp. commented, "It's assumed many are attempting to sell their stocks as the analysis stated the 3rd quarter earnings reports wouldn't live up to the high expectations."
According to Bloomberg, "The declines were the worst for the stocks since at least 2012."