World Wrestling Entertainment, Inc.NYSE
Fri, Oct. 28, 5:35 PM
- The day after it eked out a gain following an earnings miss, World Wrestling Entertainment (NYSE:WWE) gave up 5.8% today as analysts came in with downgrades.
- Shares had finished up 0.3% after opening to the downside yesterday. Today, Wells Fargo downgraded shares to Market Perform, from Outperform, and Pacific Crest downgraded to Sector Weight from Overweight and pulled its price target. Deutsche Bank, meanwhile, downgraded to Sell.
- The question of M&A came up (spurred, as it usually is recently, by AT&T/Time Warner) on the company's earnings call, put by BTIG's Brandon Ross. "Again, we're open to anything," says CEO Vince McMahon, "so it's not a question of if the right deal came along, it's one of those things where you do, to do any good reviews, we're listening."
- "The old 'content is king' is true, maybe truer today than it's ever been. So we're open for business," he said.
- FBN's Robert Routh has a few ideas ("admittedly only pure speculation") about strategic options: "Given the existing partnership with NBCUniversal it seems Comcast (NASDAQ:CMCSA) could be a logical fit for WWE, as could MSG (NYSE:MSGN) or possibly even Live Nation (NYSE:LYV)."