Live Nation Stock Up Friday Despite Sharp Market Downturn
Live Nation Entertainment rebounded Friday, ending a rollercoaster week that saw its stock price down Thursday a total of 23% in the prior 5 trading days.
Thursday’s beating came despite Live Nation reporting fourth-quarter and full-year results for 2019 that handily beating analyst estimates. For 2019, Live Nation delivered its ninth consecutive year of growth, reporting total revenue of $11.54 billion, up by 8% from the previous year.
But fears of the carnivorous virus’s effect on the global economy drove overall markets down 1100 points on Thursday and another 950 points or 3.7% on Friday.
Despite the live event sector likely to be one of the worsed hit, Live Nation managed to rebound, closing Friday at $60.77 USD up 5.23%.