World Wrestling Entertainment, Inc.'s (NYSE: WWE) stock crashed more than 20% on Friday after the company dismissed two long-time executives and cut its 2019 earnings guidance ahead of its fourth-quarter report due out on Feb. 6.
WWE announced Co-Presidents George Barrios and Michelle Wilson are leaving the company effective immediately. In addition, WWE said it expects to report $180 million in full-year adjusted OIBDA, the low end of its guidance range of $180 million to $190 million. Analysts had been anticipating $186.6 million.
In a statement, WWE CEO Vince McMahon thanked Wilson and Barrios for their 10-plus years of contributions.
“I am grateful for all that was accomplished during their tenure, but the Board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward,” McMahon said.
Wall Street Weighs In
Several Wall Street analysts weighed in on WWE stock following the unexpected executive departures and the guidance cut.
Rosenblatt Securities analyst Bernie McTernan said the huge sell-off is an indication that investors are concerned WWE is on the brink of another large investment cycle. McTernan said required investment levels …
Full story available on Benzinga.com