Live Nation Entertainment Hits New Stock High
Live Nation Entertainment shares closed at $46.16, down from the day’s high of $46.32 but enough to hit yet another all-time New York Stock Exchange peak Nov. 14.
– Live Nation Logo 2017
The close represents an increase of 2.74 percent on the previous day’s close of $44.93 and about 73.5 percent to date for the calendar year. LYV was trading at $26.60 Dec. 30, the last day of trading in 2016.
The upward stock trend follows Live Nation’s Nov. 2 quarterly earnings report, described by President/CEO Michael Rapino as the company’s “best quarter ever.”
The company reported earnings of $136.4 million, or 53 cents on a per-share basis compared with $111.03 million last year, while posting revenue of $3.56 billion in the quarter, up from $3.17 billion a year ago.
On a side note, Live Nation Entertainment’s market capitalization hit $9.55 billion.
Trading was heavy on a day that GE and energy stocks dipped: 2,901,127 shares of LYV traded hands compared with an average of 1,674,016.
During the day, the company announced the formation of a Latin music group. In insider transactions, it was announced the day prior that Live Nation President/CEO Michael Rapino sold 70,000 shares. Otherwise, there didn’t appear to be any specific catalyst for the buying binge.