{"id":53992,"date":"2023-10-02T21:03:57","date_gmt":"2023-10-03T01:03:57","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2023\/10\/02\/sphere-entertainment-stock-jumps-11-following-u2s-debut-concert-at-vegas-venue\/"},"modified":"2023-10-02T21:03:57","modified_gmt":"2023-10-03T01:03:57","slug":"sphere-entertainment-stock-jumps-11-following-u2s-debut-concert-at-vegas-venue","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2023\/10\/02\/sphere-entertainment-stock-jumps-11-following-u2s-debut-concert-at-vegas-venue\/","title":{"rendered":"Sphere Entertainment Stock Jumps 11% Following U2\u2019s Debut Concert at Vegas\u00a0Venue"},"content":{"rendered":"

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\n\tSphere Entertainment Co. shares rose 11.1% to $41.99 on Monday (Oct. 2) \u2014 and reached a high of $43.59, up 17.3% from Friday\u2019s closing price \u2014 after the world got its first glimpses of the revolutionary concert venue over the weekend.<\/p>\n

\n\tThe $2.3 billion venue opened on Friday<\/a> (Sept. 29) with the first of 25 dates of U2<\/a>\u2019s residency, which concludes Dec. 16. In its recap, Billboard<\/em> called Sphere a \u201cmind-blowing space\u201d with \u201chard-to-fathom floor-to-ceiling graphics\u201d and immersive audio that \u201cmade it feel like you were in a recording studio with U2.\u201d<\/p>\n

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\t\t\t\t\t\t\"U2:UV<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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\t\t\t\t\t7 Best Moments as U2 Welcomes Striking Sphere Venue to Las\u00a0Vegas\t\t<\/p>\n<\/h3><\/div>\n

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\n\tInvestors\u2019 interest increased Sphere\u2019s market capitalization by $143.2 million to $1.43 billion. Trading volume of 3 million was nearly six times greater than the average daily volume of 538,000 shares.\u00a0<\/p>\n

\n\tSphere Entertainment Co., formerly Madison Square Garden Entertainment (MSGE), was formed on April 20 when MSGE\u2019s traditional live entertainment business, which includes the Madison Square Garden and Radio City Music Hall venues in New York, split off from the Sphere and MSG Networks businesses. Sphere retained a 33% stake in MSGE.<\/p>\n

\n\tWhile U2 ultimately got top billing, Sphere proved the venue is a major attraction unto itself.\u00a0First-hand accounts raved about both U2\u2019s performance and the venue across social media, online news and broadcast television. Sphere CEO Jim Dolan<\/strong> spoke to his hometown crowd via an interview with Fox 5 New York<\/a>. U2\u2019s Bono<\/a> and The Edge<\/a> did an interview with CBS Mornings<\/em><\/a> and another with the United Kingdom\u2019s Channel 4<\/a>.\u00a0<\/p>\n

\n\tSphere\u2019s presence above the Las Vegas skyline provides valuable promotion. Since the venue turned on its external lights<\/a> \u2014 aka the Exosphere \u2014 on July 4 and began broadcasting jaw-dropping graphics, Sphere Entertainment Co.\u2019s share price has climbed 49.4%.<\/p>\n