Live Nation Shares Drop

Live Nation $10 Tickets
Live Nation $10 Tickets

Anyone watching the recent constant parade of Live Nation ticket promotions probably could have predicted this.

Investors sold off shares in Live Nation Entertainment Inc. on Thursday, despite the concert promotion and ticket-selling giant’s bid to overcome a rash of negative press about a weak summer concert season.

Live Nation took its case directly to Wall Street analysts, but midway through the meeting, its shares plummeted more than 16 percent, wiping out some $322 million in market value. The stock recovered somewhat to end the day with an 11 percent decline, down $1.24 at $10.19. [LYV closed at $8.83 on July 19.]

The company said its adjusted operating income for 2010 is expected to be $405 million, down from $445 million last year, despite the benefits of its merger with Ticketmaster Entertainment. Earnings could fall to $365 million if things get worse, the company said. [Google/AP]

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