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Umphrey's McGee In Concert At Red Rocks Amphitheatre
Fans watch the band Umphrey’s McGee perform at Red Rocks (Jeff Kravitz/FilmMagic)

Live Nation reports earnings, sales miss

No one was clapping for these results.

J. Edward Moreno

Live Nation slipped in after-hours trading as it reported earnings results that missed Wall Street expectations.

The company reported earnings per share of $0.73, significantly less than the $1.32 analysts polled by FactSet were expecting. Its profits were dented by significantly higher income tax expenses in the latest quarter, which were more than triple from the quarter a year earlier.

It also reported $8.5 billion in revenue, slightly lower than the $8.6 billion the Street was pricing in. The companys third quarter reflects the summer concert season.

Live Nation fell by more than 4% in after-hours trading. Its up more than 16% since the start of the year, despite an at times concerning picture of consumer sentiment.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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