World Wrestling Entertainment Inc
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Communication Services : Entertainment | Small Cap Blend
Company profile

World Wrestling Entertainment, Inc. (WWE) is an integrated media and entertainment company. The Company is principally engaged in the production and distribution of wrestling entertainment content through various channels, including over-the-top network (WWE Network), filmed entertainment, live events, and others. Its segments include Media, Live Events and Consumer Products. The Media segment reflects the production and monetization of long-form and short-form video content across various platforms, including WWE Network, broadcast and pay television, digital and social media, as well as filmed entertainment. The Live Events segment provides ongoing content for its media platforms. This segment also includes ticket sales and sale of travel packages associated with the Company’s global live events. The Consumer Products segment engages in the merchandising of WWE- branded products, such as video games, toys and apparel, through licensing arrangements and direct-to-consumer sales.

Price
Delayed
$69.71
Day's Change
2.02 (2.98%)
Bid
--
Ask
--
B/A Size
--
Day's High
69.95
Day's Low
67.88
Volume
(Light)

Today's volume of 146,746 shares is on pace to be much lighter than WWE's 10-day average volume of 614,204 shares.

146,746

Avaya stock plunges toward record low after WSJ report that $600 million debt deal soured

1:23 pm ET August 9, 2022 (MarketWatch)
Print

By James Rogers

Business communication company Avaya also reported a surprise Q3 loss and revenue that missed expectations, even after warning of a miss last month

A $600 million debt deal arranged for beleaguered business communication company Avaya Holdings Corp. quickly went bad, according to The Wall Street Journal.

The WSJ reported Tuesday that Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) arranged the debt deal, selling bonds and loans for Avaya (AVYA) in late June. Citing people familiar with the matter, the WSJ report said investors included Brigade Capital Management LP and Symphony Asset Management LLC.

However, after Avaya said last month that it would miss its prior forecasts for adjusted fiscal third-quarter earnings and revenue targets, prices of the newly issued debt plummeted, according to the WSJ report. Investors who lent Avaya the money were hit with paper losses in excess of $100 million, the Journal reported, citing analyst commentary and data from MarketAxess and Advantage Data Inc.

Avaya has not yet responded to a request for comment from MarketWatch.

See Now: Avaya shares plunge 21% on 3Q loss as company attempts to fix 'operational and executional shortcomings'

The company's stock plunged 37.5% to toward a record-low close of 70 cents in afternoon trading Tuesday, after the tech company reported a third-quarter loss amid attempts to fix what new Chief Executive Alan Masarek describes as "operational and executional shortcomings." The CEO also highlighted the impact of a "volatile economic environment."

The tech company reported third-quarter revenue for the quarter to June 30 of $577 million, down 21.2% from the same period a year ago, and below the FactSet revenue consensus of $603.8 million. Last month Avaya announced its preliminary third-quarter results, forecasting sales of $575 million to $580 million, below its previous guidance.

The company reported Tuesday a net loss of $1.41 billion, or $16.27 a share, which included non-cash impairment charges of $1.27 billion, after net income of $43 million, or of 43 cents a share, in the prior year's quarter.

On an adjusted basis, Avaya reported a loss of 24 cents a share, while analysts surveyed by FactSet were looking for earnings of 5 cents a share.

"Our preliminary financial results for the quarter reflect operational and executional shortcomings, amplified against the backdrop of a volatile economic environment," said Masarek, who was named CEO last month, in a statement released on Tuesday. "We are taking aggressive actions to right-size Avaya's cost structure to align with our contractual, recurring revenue business model."

Avaya shares have fallen 96.5% in 2022, compared with the S&P 500 index's decline of 13.6%.

-James Rogers

	

(END) Dow Jones Newswires

August 09, 2022 13:23 ET (17:23 GMT)

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