News of Pfizer’s over 90 percent vaccine efficacy has helped pick up a lagging stock market, as various industries see their stock begin to gain momentum. Ticket seller and event promoter Live Nation have seen their stock rise by 22.3 percent following this news, as the company’s shares peaked at $72.29 during trading on the New York Stock Exchange earlier this morning.
Live Nation, like many other companies focusing on live music, had been hit hard by the pandemic, with its stock dropping by 50 percent in the wake of COVID-19 shutdowns. Back in September the company was forced to reduce staff as part of its cost-cutting measures due to the pandemic.
This recent increase has made Live Nation shares reach their highest value since the pandemic began back in March. Live Nation faced major losses in the months leading up to this announcement however, Music Business Worldwide projected that Live Nation generated total revenues of $184 million for the three months leading up to the end of September. This project marked a 95 percent year-over-year decline compared with the $3.77 billion it had made the year prior.
While there are still more tests that need to be done, and questions such as how long the vaccine lasts still need to be answered, many are hopeful it will make a positive impact. “What we know right now — it is with very, very high level of confidence these are very highly effective vaccines. What we know so far, it means that we don’t have any safety concerns, but we need to wait until the results are there,” Dr. Albert Bourla, Pfizer Chairman and CEO told CNN.