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Beatings Continue; Live Nation Hits Another All-Time Low

Thursday, November 20, 2008
by  presnikoff

Shares of Live Nation (LYV) plunged 13.53 percent to an all-time low of $3.45 on Thursday, part of another Wall Street bloodletting.  Other music-related stocks also suffered, including Apple (AAPL), which shed 6.72 percent to $80.49, its lowest valuation in more than two years.  On a more positive note, Warner Music Group (WMG) actually gained ground, lifting 3.5 percent to $2.66.

But the broader market compass was pointing southward, thanks to another session of aggressive selling.  At the bell, the Dow Jones Industrial Average (DJIA) lost 444.99 points, or 5.28 percent, to land at 7,552.29.  That is the lowest valuation since March of 2003, and represents the greatest two-day drop since October of 1987.

Others were also battered.  Ticketmaster (TKTM) slipped 24.31 percent to $4.39; The Orchard shed 2.26 percent to $2.16; and Sirius XM Radio (SIRI) slumped 13.58 percent to just 14 cents.

 



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