Sigh. I promise, we're not a finance or economics blog, but I couldn't let the week end without taking one last wistful glance at the declining stock price for Live Nation Entertainment. Yesterday, during the company's presentation to investors, I reported that the price per share had slid by about $1.30 following the company's estimate that it would make $40 million less in 2010 than it did in 2009.
The stock bounced back near the end of the day, but today was pretty much all downhill. It closed at $8.99 for a dip of more than 20% in two days. That price is also lower than at any point since Live Nation's merger with Ticketmaster was approved by the Justice Department in January.
Or, looking at it another way, for the cost of a single floor level ticket to Tom Petty's show at Chicago's United Center tomorrow night (including parking and convenience fees, naturally), you could buy 19 shares of Live Nation stock. Just a thought (we don't actually recommend this, not that we're experts).
Whatever you decide, have a good weekend. We'll be back here on Monday.