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WWE Taken Down Despite Strong Q3 Beat

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World Wrestling Entertainment, Inc. (NYSE: WWE) shares are trading lower by $2.28 at $17.67 in Thursday's session. Despite beatings Q3 EPS estimates by $0.05, along with a revenue beat of $14 million, the issue is deeply in the red.

The Street may be underwhelmed with the amount of new WWE Network subscribers added during the quarter and the company's lower TV ratings.

Related Link: Why WWE Network Is 'Clearly' A Viable Business

After a lower open, it peaked off the opening bell at $18.98 and continued to move lower. So far, it has reached $17.49 and is not far off that level. This marks the lowest level for the issue since it bottomed on October 5 at $17.25.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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