Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
World Wrestling Entertainment, Inc. WWE shares are trading higher by $2.04 at $16.40 in Friday's session. It has added nearly $3.00 since closing at $13.23 last Friday.
On Thursday, the company beat Q4 estimates by $0.07 on better than expected sales of $140.5 million.
The company also announced an agreement with Rogers Communications for coverage of WWE Network, providing more Canadian fans access to premium WWE programming.
Shares are up over 30 percent since November 18, when Emmanuel Lemelson, CIO of Lemelson Capital Management, told Benzinga that the firm had bought more shares when WWE pulled back.
"The intrinsic value is far greater than what it is trading at today," Lemelson said at the time. "If you can buy between $8 and $11 there is a significant margin of safety," he added.
The stock is now trading in an area of limited major resistance until $18.58.
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