Diamonds and Dogs

2/23/24

Live Nation (LYV) jumps 3% on strong earnings and strong demand for music concerts in part due to Taylor Swift and her Swiftie fans. The Ticketmaster parent actually missed earnings, but sales were strong up 36.1% to a record $5.84 billion. Besides Taylor Swift and ticket sales, advertising revenue was also strong as the company capitalized on pent-up demand for live events and consumer spending on leisure activities.

AT&T was the dog yesterday. Today its their recent spin off, Warner Brothers Discovery (WBD) following lackluster earnings. The streaming service company is down 11% to a new 52 week low after missing estimates and posting a larger than expected loss. Cash flow was better than expected, but AT&T saddled the company with a lot of debt before spinning it off that will take year and years to pay down. Warner Brothers Discovery's stock is down 64% since being spun off two years ago.