27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
World Wrestling Entertainment, Inc. (NYSE:WWE) stock is down more than 9 percent Thursday after the company’s first-quarter earnings report fell short of market expectations.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
WWE reported a first-quarter EPS loss of 11 cents on revenue of $182.4 million. Both numbers were well short of consensus analyst estimates of a 2-cent EPS loss on $198.99 million in revenue. Revenue was down 2.6 percent from a year ago.
In the first quarter, ratings for WWE’s weekly “Raw” and “SmackDown” TV shows were down 14 percent and 13 percent, respectively. Attendance for live shows also dropped 11 percent. However, average WWE Network paid subscribers were up 2 percent to 1.58 million and hit 2 million on the day after WrestleMania.
Network subscribers viewed 23.2 million hours of content over WrestleMania weekend. In addition, WWE reported 17.9 million hours of digital and social media platform engagement during WrestleMania week, up 29 percent from a year ago.
Why It's Important
CEO Vince McMahon said the first quarter was negatively impacted by talent injuries.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
“While engagement metrics over the past two quarters were impacted by Superstar absences, we believe they will improve as our talent return and we launch our new season following a successful WrestleMania,” McMahon said in a statement.
Earlier this week, JPMorgan analyst David Karnovsky called WWE his “top pick in the live entertainment subsector” and raised his price target from $95 to $105.
Investors were quick to take profits in WWE shares following the disappointing report. WWE shares were up 150 percent in the past year prior to the report.
At time of publication, WWE's stock traded down 8.8 percent at $89.72 per share.
Related Links:
JPMorgan Raises WWE's Price Target, Bullish On 'Smackdown' Future
John Oliver Roasts WWE Again, This Time About Health Benefits And Independent Contracts
Photo courtesy of WWE.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.