Why Taylor Swift News Is Sending Live Nation Shares Lower

Live Nation Entertainment Inc LYV shares are trading lower by 3.55% to $71.41 going into the close of Thursday's session after Ticketmaster announced ticket sales to Taylor Swift's "Eras" Tour planned for Friday have been cancelled.

The announcement by Ticketmaster Thursday came via Twitter, when the ticket sales giant stated: "Due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand, tomorrow's public on-sale for Taylor Swift | The Eras Tour has been cancelled."

What Else?

Our Benzinga team on Tuesday reported that fans who anxiously waited for the presale for Taylor Swift’s upcoming tour, were met with Ticketmaster’s site being down just before the presale began. DownDetector showed a surge in reports just after 8 a.m. EST on Tuesday.

"We are currently experiencing technical difficulties and our team is working to resolve this as soon as possible," a message on the website read. "We apologize for this inconvenience and appreciate your patience."...Read More

According to data from Benzinga Pro, LYV has a 52-week high of $126.79 and a 52-week low of $67.53.