Live Nation shares fall on terrorism concerns following Manchester Arena attack
Shares of Live Nation Entertainment (NYSE: LYV) fell Tuesday after a fatal bombing at one of its concerts at Britain's Manchester Arena Monday evening raised concerns about terrorism at live events.
Shares of the world's largest concert promoter were down more than 1 percent Tuesday as Wall Street evaluated the effect the tragedy at pop singer Ariana Grande's concert will have on future crowds globally. The S&P 500 was higher Tuesday.
"It is an absolutely terrible tragedy," BTIG analyst Brandon Ross wrote in an email to CNBC. "But we have unfortunately had to learn to be resilient to these type of events. I expect any pressure on both the business and the stock to be short lived."
Live Nation, the Manchester show's promoter, issued a statement, saying: "We are deeply saddened by this senseless tragedy and our hearts and thoughts are with those impacted by this devastating incident."
The company stated terrorism as a risk to the company in its 2016 annual report.
"Negative factors such as challenging economic conditions, public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending, and one negative factor can impact our results more than another," states the annual report.
As of Monday's close, shares of Live Nation had traded up nearly 50 percent over the past 12 months.
LYV 12-month performance
Source: FactSet
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