Shares of live event company and Ticketmaster owner Live Nation Entertainment Inc. took a negative turn in afternoon trade after a Reuters report that Amazon.com Inc. was seeking partners to launch into live-event ticketing. Shares of Live Nation, which had been up 12.5% from Wednesday's close after posting positive second-quarter earnings, swung to a more than 3% loss before bouncing back. Live Nation's Ticketmaster is the juggernaut in the live event ticketing landscape. Ebay Inc. , which owns StubHub, swung to a 3% loss after the report. Shares of Live Nation are up 48% in the year to date, while Amazon shares are up nearly 28% and Ebay shares are up almost 18%. By comparison, the S&P 500 index is up 9% in the year.
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