World Wrestling Entertainment rallied to its highest closing price in over three years. Liberty Group, Formula One Group, and The Liberty Braves Group have outpaced the majority of stocks.
MarketBeat.com - MarketBeat World Wrestling Entertainment has a market cap of $5.1 billion. It is a part of the S&P 400 mid-cap index, which is tracked by a number of exchange traded funds.
Despite corporate distraction, the company has had three quarters in a row of increases in earnings and revenue. His separation from the company was labeled "retirement" despite the fact that he was accused of sexual harassment and un recorded expenses were discovered. McMahon's daughter and son-in-law were named co- CEOs. Paul "Triple H" Levesque was named chief content officer. Some of the creative tasks Vince McMahon had previously handled will be assumed by him.
There were rumors that the company may be setting itself up for a sale after the executive shuffles.
There is uncertainty about the company's strategic direction as a result of a new chief executive. It often means there is a breath of fresh air, with scandals being ushered out and new, high- potential projects being launched.
The stock is up more than 50% since the new CEOs took over.
The second quarter results were reported on August 16. The earnings came in at $0.59 per share, up 40% from the year-ago quarter and beating analysts' views by $0. Market Beat data shows that revenue exceeded expectations. The top line increased by a quarter of a percent.
The company raised its full-year guidance to a range of $370 to $385 million, up from its previous guidance of $360 to $375 million.
The company said in the earnings release that the range of anticipated performance reflected the continued ramp-up of live events, including large-scale international events.
The company expects adjusted OIBDA to fall between $70 million and $80 million for the third quarter.
The company forged partnerships with Disney and NBCUniversal in order to grow its international business.
MarketBeat analyst data shows that the consensus rating on the company is Hold with a price target of $77.80.
The stock moved higher on Wednesday despite the market's decline. The session ended with a decline in WWE's value to $73.74.
Shortly before 1 p.m., it cleared its previous high of $75.23 Then retreated eastward. It is not uncommon for stocks to pass a buy point and then retreat. The stock will continue to advance despite the current market conditions.
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