Live Nation Loses 18% Of Value In Yesterday's Market
July 16, 2010 at 5:57 AM (PT)
It was a rough day on WALL STREET for LIVE NATION, reports THE NEW YORK POST. "Minutes after the concert promoter and ticket company told analysts at its first investor day that ticket sales for its biggest acts fell 9% in the first half of the year and were likely to see a steeper decline during the rest of 2010, its shares plunged -- tumbling throughout the afternoon until they lost about 18% of their value."
The stock price drop -- including a 10.8% plummet in the last 30 minutes of trading -- caused CEO MICHAEL RAPINO to stop the presentation he was making to investors, and say "We had a real buzz kill at about slide nine, when I saw the e-mails go out." Slide nine showed data that had the two companies' revenue flat between 2008 and 2009 at $5.5 billion and no data at all for 2010, a source told THE POST.
Executive Chairman IRVING AZOFF added, "I'm hoping that what I'm seeing as all you guys e-mail back to your offices to dump the stock isn't indicative of the fact we have a group of investors that are so shortsighted."
LIVE NATION shares closed at $10.19, off $1.24 YESTERDAY (7/15). Follow the company stock here.
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