And: http://www.pwinsider.com/article/54541/wwes-earnings-news-triggers-massive-sell-off.html?p=1 and http://www.pwinsider.com/article/54543/wwe-stock-update.html?p=1 and http://www.pwinsider.com/article/54556/ap-picks-up-on-wwe-stock-slide-talents-worried.html?p=1WWE announced today that based on currently available data it believes that earnings per share for the fourth quarter, which ended December 31st, 2010, will be in a range of $0.08 to $0.10. Analysts' average estimate for fourth quarter EPS is $0.16 per share. They added:
"These results are preliminary and subject to the completion and review of the 2010 financial statements by the Company (including its Audit Committee) and its independent auditors. The Company is continuing to review its financial and operating results and actual results may differ from the earnings per share estimates contained herein. Until completion of that process, the Company is not in a position to discuss individual aspects of its financial results, which will be disclosed in the normal course."
It is never a good thing to come in that far under what Wall Street analysts expect for your stock. The fact that they released this information on a Friday after the market closed is not a great sign either. WWE had been paying a dividend on their stock that comes largely from cash reserves, which are still ample. Wall Street has wanted the company to show that they can get more of the dividend that they pay out from earnings rather than reserves. This news most probably will not sit well on the street.
Obviously not the greatest of news for them.There are already mid-card performers for the company wondering if and when the firing ax will fall since WWE told all of those that were released in the last round that they were let go due to business being soft.