World Wrestling Entertainment, Inc. (NYSE: WWE)
World Wrestling Entertainment was off to a rough day in the market. However, minutes ago, our partners at Trade Ideas sent an alert showing us that the stock was screaming upward. While it hasn’t made up for all the losses we saw early in the day, the stock has gotten very close to the break even point. At the moment (1:59), WWE is trading at $21.05 per share after a loss of $0.05 per share or 0.24% thus far today.
Why WWE Is Headed Up
As soon as we received the alert, the CNA Finance team started to dig to see what was happening. While we didn’t find any fundamental news released by World Wrestling Entertainment, we were able to find a rumor that we believe to be the cause of the spike. The rumor is that the company is going to be taken over.
However, as with most rumors, this one seems to be a dud. First and foremost, the rumor started on social media and is very difficult to track back to the source… Strike 1! Also, there is no rumored buyer of the company, that’s Strike 2! Finally, there is no price offered in the rumor, and Strike 3, you’re outa there.
Yes, I realize, I could be wrong here. However, I’ve been doing this for a long time, and when the rumors are this vague, chances are that they are not true. No, I can’t see into the future, but I do feel comfortable calling them how I see them.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching WWE incredibly closely. While we believe that today’s rumor lacks validity, we could be incorrect, and if we are, an acquisition would return incredible value to shareholders. Nonetheless, we’ll continue to follow the story closely and bring you the news as it breaks!
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[Image Courtesy of Wikimedia]