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WWE's Volatile Week: Rousey Reigns, Cena Backs Out, Hogan Returns

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WWE's Volatile Week: Rousey Reigns, Cena Backs Out, Hogan Returns
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World Wrestling Entertainment, Inc. (NYSE: WWE) stock is on track to finish an eventful and volatile week on a low note on Friday, trading down by 2.6 percent on the day.

If you missed the whirlwind of news surrounding the company this week, here’s a brief recap.

Evolution

On Monday, WWE stock traded lower by 5.1 percent following its Q3 earnings report and its historic first all-female pay-per view event, WWE Evolution, held in New York on Sunday. The main event of the evening featured former UFC mixed martial arts champion Ronda Rousey.

WWE female performers are not allowed to participate in the company’s Crown Jewel event in Saudi Arabia Friday due to local laws restricting women’s right. WWE was criticized by some fans for not promoting Evolution as much as its other pay-per-view events and for only holding Evolution to help counter criticism about gender inequality at the Crown Jewel event.

Losing Talent

On Tuesday, WWE stock bounced back by 3.6 percent. Top stars Bryan Danielson, who performs as “Daniel Bryan,” and John Cena announced they wouldn't be attending the Crown Jewel event, presumably because they're not comfortable performing following news of the death of Washington Post journalist Jamal Khashoggi in the Saudi consulate in Istanbul.

Bryan, Cena and top star Roman Reigns, who announced last week he's taking a leave from the company to undergo treatment for leukemia, were all originally scheduled to compete at Crown Jewel.

Hulkamania

On Wednesday, WWE stock gained 5.9 percent on reports that former star Hulk Hogan, who had been fired by WWE back in 2015 for using a racial slur in a 2012 interview, will be making his return at Crown Jewel. Hogan will be serving as host for Crown Jewel on Friday.

On Thursday and Friday, WWE stock dropped 1.1 percent and 1.9 percent, respectively, on concerns over the potential backlash from Friday’s event in Saudi Arabia. Crown Jewel began at 12 p.m. EST Friday and kicked off with Hogan's return.

WWE's stock was trading around $69.91 at time of publication.

Related Links:

The Most Groundbreaking Women In WWE History

Heavy Is The Crown: WWE's Saudi Arabia Problem

Photo screenshot courtesy of WWE Network.

Posted-In: Crown Jewel Daniel Bryan Hulk HoganNews Sports Events Top Stories General Best of Benzinga

 

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