LOS ANGELES (CelebrityAccess) — Live Nation’s stock suffered a precipitous drop %13 percent of in the days following the publication of a story in the New York Times on Sunday, accusing the company’s Ticketmaster division of engaging in anti-competitive practices.
At the close of the market on Tuesday, Live Nation’s stock was listed at $36.91, down from a high last Thursday (the markets were closed on Friday) of $42.53, a decline of almost 14%, effectively erasing about $1.1bn from the company’s market cap.
However, Live Nation’s stock woes come against the backdrop of significant market volatility, with broad declines in major indexes during the same period.
Notably, as the markets seemed to shake off their trade war/tech scandal doldrums on Wednesday, Live Nation’s trading valuation improved as well.
At the end of trading on Wednesday, Live Nation had recovered quite a bit of lost ground, closing at $38.43, up %4.97 for the day.
