Concern about a weak summer concert season sent Live Nation Entertainment Inc. shares down sharply for a second day in a row.
THE SPARK: Standard & Poor's analyst Tuna Amobi cut his rating on the company to "Hold" from "Buy," while Stifel Nicolaus analyst Benjamin Mogil reduced his price target on shares after the company warned that its earnings this year will slip from 2009 levels.
THE BIG PICTURE: A shaky economy and some high-profile tour cancelations have hurt ticket sales.
Live Nation said it sold 4 percent fewer tickers in the first half of the year compared with the same period a year ago. Gross ticket revenue was down 9 percent.
THE ANALYSIS: Amobi said Live Nation's outlook is "clouded by creeping pricing pressures and increasingly tentative touring schedules." He cut his share price target to $10 from $17.
SHARE ACTION: Live Nation shares fell 89 cents, or 8.7 percent, to $9.30 in afternoon trading Friday. The stock fished Thursday's trading down 11 percent. It has ranged from $5 to $16.90 over the past year.