Live Nation Drops as Profit Falls Short of Analysts’ Estimates
Stock Chart for Live Nation Entertainment Inc (LYV)
Live Nation Entertainment Inc. (LYV), the world’s biggest ticket seller and concert promoter, dropped the most in more than three months after fourth-quarter profit fell short of some analysts’ estimates.
Live Nation, based in Beverly Hills, California, declined 6.6 percent to $9.81 at 11:36 a.m. New York time after retreating as much as 10 percent to mark the biggest intraday drop since Nov. 4.
Adjusted operating income fell 11 percent to $50.7 million from $56.8 million a year earlier, the company said in a statement yesterday. That missed the $53.2 million estimate of John Tinker, an analyst at Maxim Group LLC in New York with a “buy” rating on the stock. Revenue slid 4.2 percent to $1.19 billion, exceeding his $1.11 billion projection.
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