Live Nation Entertainment continues its stock market rebound following a hammering amid relentless Coronavirus-themed bad news.
Today (March 24), Live Nation’s stock price rose 15.03% on the New York Stock Exchange, up to $42.94 (with a $9.21bn market cap).
That $42.94 price was Live Nation’s highest at market close since March 10. The lowest point for the stock was on March 18, when it hit $29.50 at market close.
Today’s bounce was partly inspired by Citi upgrading Live Nation from a Sell rating to Neutral, in addition to a sunnier 24 hours generally for the markets – with the S&P 500 up 9.38%
Live Nation, led by CEO and President Michael Rapino (pictured), also rose significantly yesterday (March 23) and Friday (March 20), as well as Thursday (March 19), when its stock was boosted by Liberty Media paying off a $130m margin loan.
In fact, since trading close last Wednesday (March 18), Live Nation’s stock has risen 45.6%, nearly doubling in size.
This is a far cry from Live Nation’s terrible week on the markets in the first half of last week, when at one point it fell over 32% in a single day.
Live Nation’s best day on the NYSE in the past year came as recently as February 21, when its share price closed at $74.19.Music Business Worldwide