World Wrestling Entertainment, Inc. (NYSE: WWE)
On Tuesday June 26th, 2018, WWE or commonly known as World Wrestling Entertainment, had some positive news for investors that sent the shares soaring in the after market trading hours.
The company announced a five-year extension of their Flagship program which is called ‘Monday Night Raw’. This new agreement which covers their widely popular show on a live basis every week for 3 hours, will begin in October of 2019.
The company has had a long-standing relationship with USA Network for nearly 30 years. ‘Monday Night Raw’ is USA network’s number one show.
The stock, which has already been on a tear for the past 52 weeks going up Nearly 275%, rose 15.58% in the aftermarket session closing at $77 which was up $10.38.
The regular trading session, which was a choppy one given the market situation that we are currently in, rose only $0.16 and closed at $66.62.
It will be interesting to see if there is any more gas left in the tank of WWE stock when it opens for treating on Wednesday morning. But rest assured many Traders and investors alike will be watching this one closely.
The above price chart shows the meteoric rise in the share price going back nearly 12 months.
The above price chart shows the intraday action on the left and the
after-hours session and rocket higher on the right in the shaded area with green arrow.
Analysts Recommendation Actions
Below are the most recent analysts’ recommendations and price targets as reported by finviz.com
Jun-22-18 Reiterated JP Morgan Neutral $46 → $70
Jun-15-18 Reiterated Wells Fargo Outperform $48 → $76
May-22-18 Reiterated Needham Buy $45 → $70
May-04-18 Downgrade The Benchmark Company Buy → Hold
Apr-20-18 Reiterated BTIG Research Buy $36 → $46
Apr-17-18 Downgrade JP Morgan Overweight → Neutral
Vince McMahon, WWE Chairman & CEO had this to say after the announcement; “We look forward to continuing our long-standing partnership with NBCUniversal and USA Network. Monday Night Raw has been synonymous with USA Network and we are excited about what the future holds for WWE’s flagship program.”
World Wrestling Entertainment, Inc., an integrated media and entertainment company, engages in the sports entertainment business in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.
The company operates through Network, Television, Home Entertainment, Digital Media, Live Events, Licensing, Venue Merchandise, WWEShop, and WWE Studios segments.
It operates WWE Network, a live streaming network that offers pay-per-view events, original programming, and video-on-demand library; and produces television programming, reality shows, and other programming, as well as produces content via home entertainment platforms, including DVD, Blu-Ray, subscription, and transactional on-demand outlets.
The company also offers broadband and mobile content through its Websites and third party Websites; produces live events; and licenses various WWE themed products, such as video games, toys, apparel, books, and music.
In addition, it designs, sources, markets, and distributes various WWE-branded products, such as T-shirts, belts, caps, and other novelty items; operates WWEShop, an e-commerce storefront; and WWE Studios that produces and distributes filmed entertainment content, such as movies for theatrical, home entertainment, and/or television release.
World Wrestling Entertainment, Inc. was founded in 1980 and is headquartered in Stamford, Connecticut. -YahooFinance