LYV - Why Live Nation Entertainment Stock Dropped 25% in March
Shares of event promoter Live Nation Entertainment (NYSE: LYV) had a very active month of March. The stock price dropped, rose, then dropped again, finishing the month with an overall drop of 25%, as reported by S&P Global Market Intelligence.
What caused the roller coaster ride?
First, on March 10, the company announced the massive Coachella Music and Arts Festival in California was postponed until October due to the coronavirus crisis. A few days later, Live Nation canceled all events worldwide at least through the end of March. The stock slid about 50% from March 1 to March 18.