Today’s Research Reports on Stocks to Watch: World Wrestling and J.C. Penney
World Wrestling Entertainment saw its shares leap higher on Thursday to a new high after a report indicated the company is closed to a renewal with USA Networks for its RAW series. Shares of J.C. Penney weren’t as fortunate, sinking over 12% after the company reported yet another disappointing quarterly report.
RDI Initiates Coverage on:
World Wrestling Entertainment, Inc.
J. C. Penney Company, Inc.
World Wrestling Entertainment, Inc. shares closed up 15.42% on Thursday on a little over 10 million shares. The stock hit a new high of $51.33 after a report surfaced that USA Networks is getting close to renewing for World Wrestling Entertainment’s RAW and that the offer is triple of what USA currently pays the company. The Hollywood reported also reported that NBCU declined to renew the deal for the Smackdown series and WWE is in negotiations with television networks to reach a deal to broadcast its Smackdown series. It was in 2010 that NBCUniversal reportedly paid $30 million for Smackdown rights. . Analyst Curry Baker of Guggenheim Partners told TheStreet that he is confident about the company’s renewals in both the U.S. as well as internationally.
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J. C. Penney Company, Inc. shares sunk in Thursday trading after the retailer reported a weak financial quarterly report. The stock closed down 12.38% on about 73.6 million shares. The company revealed an increase of 0.2% in comparable sales for the first quarter, way below the street expectation of 2% growth. Management cited cooler than normal weather and a late start in spring for its dismal comparable sales performance. Closing of 141 stores in 2017 resulted in a decline of 4.3% in net sales which was reported at $2.58 billion for the quarter. Analysts had been waiting for net sales of $2.61 billion. Gross margin also saw a decrease of 250 basis points to 35.9%. Adjusted net loss of $0.22 per share was one cent better than the expected loss of $0.23 per share. CEO Marvin Ellison stated, "Overall we believe that our strategies are beginning to take hold, as we are seeing improvement in a number of areas. Apparel categories performed well during seasonable weather periods, and our beauty and home refresh initiatives performed well above our total comp sales performance for the quarter." The company also cut its full-year earnings per share guidance to range between a loss of $0.07 to profit of $0.13 from the prior range of profit of $0.05 to $0.25.
Access RDI’s J. C. Penney Company, Inc. Research Report at:
Our Actionable Research on World Wrestling Entertainment, Inc. (NYSE: WWE) and J. C. Penney Company, Inc. (NYSE: JCP) can be downloaded free of charge at Research Driven Investing.
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