Live Nation's 'buzz kill'

Midway through a presentation to Wall Street analysts, shares in the Bev Hill-based concert company took a 16 percent nosedive, wiping out $322 million in market value. Perhaps investors were responding to a 9 percent drop in gross ticket revenue for the first six months of the year. Live Nation also sold 4 percent fewer tickets. "We had a real buzz kill," said CEO Michael Rapino. But Executive Chairman Irving Azoff called the stock "ridiculously cheap" and said investors would be "shortsighted" to sell. From AP:

U2's postponement of its tour until next year will cost the company $6 million this year, although it should make it up next year on the rescheduled tour. Other acts, such as Rihanna, The Eagles, Simon and Garfunkel, The Jonas Brothers and Limp Bizkit have also canceled or postponed tour dates. The company said that while the most popular acts continue to sell out, less popular ones are having trouble. "It's not a U2 or a Lady Gaga problem," said Jason Garner, the chief executive of Live Nation's global music group. "There's that middle segment of the bands ... that's trying to have that same $50 or $60 price that Jay-Z has. They're getting nipped in the bud."