World Wrestling Entertainment forecasts bigger-than-expected FY loss; shares fall

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World Wrestling Entertainment

(NYSE: WWE) slumped more than 47 percent in early trade after the company forecast a bigger-than-expected loss for the full-year prompting brokerage Benchmark to cut its rating on the company's stock from Buy to Hold. The full-year outlook of a loss ranging from $45 million to $52 million comes right after the compant struck a multi-year TV deal with NBCUniversal for the renewed U.S. licensing of WWE's programs ‘Raw' and ‘SmackDown.'Analysts on average were expecting a loss of $17 million.WWE shares fell as much as 47 percent to $10.55 on the New York Stock Exchange on Friday