Live Nation Stock Passes $50 Benchmark, Hits New High
Live Nation Entertainment shares hit an all-time high during the New York Stock Exchange July 9 trading session, peaking at $50.41 before settling in to close at $50.04.
The new high comes after Live Nation shares spiked 13.9 percent during the month of June, according to The Motley Fool, citing S&P Global Market Intelligence.
While analysts speculate whether the uptick is tied to shareholder approval of recent acquisitions like those of ScoreMore Shows and Red Mountain Entertainment, or more recent Citigroup musings about whether Sirius XM Holdings might want to buy out Live Nation someday, it’s clear that LYV is on a hefty upward trajectory in 2018.
The year hasn’t been without stumbles. An April 1 article by the New York Times accused Live Nation of abusing its power and dancing around the Department of Justice consent decree that allowed it to merge with Ticketmaster in 2010, claiming the DOJ was “looking into” fresh complaints. Shares tumbled to a 2018 low of $36.57 on April 3.
A well-publicized Ticketmaster blog post by Ticketmaster President Jared Smith in response to the NYT article may not have mollified critics, but does appear to have calmed the nerves of investors. Share price rebounded to $45.50 by May 4 – one day after Live Nation’s first-quarter financial reports were released.