WWE stock is on fire, and aiming for the $100 mark


In five days, shares of the sports entertainment company World Wrestling Entertainment WWE (NYSE: WWE) have risen from about $68 to as much as nearly $94 after Vince McMahon returned to WWE as executive chairman. Vince McMahon was being away from the company for seven months amid a sexual misconduct scandal. Meantime, his daughter Stephanie McMahon will step down as co-CEO. On Jan. 6, McMahon was officially reinstated to the WWE's board of directors.

"Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives," - Stephanie McMahon said.

While on Wednesday the stock slightly retreats from the highs on rumors that WWE had been sold to Saudi Arabia’s Public Investment Fund. The reports emerged hours after Stephanie McMahon announced her resignation. WWE has had programming in Saudi Arabia since 2014 and started televising special events there in 2018.

WWE released its financial results for the third quarter of 2022 in the first week of November. In the Q3 results, earnings missed Wall Street forecasts but revenue topped expectations. WWE reported revenues of $304.6 million, an increase of 19% but the company’s operating income decreased by 8% to $58.9 million.

$WWE short-term technical outlook

The stock increased more than 30% from last Wednesday. In the short-term, if the stock continues the short-term bullish momentum, then the key resistance near $95 breaks and closes above this resistance level then expects the market to zoom up to $100 and then $110. On the downside, the first nearest support level is located at $81. In case it breaks below this level, it will head towards the next support level which is located near $72.

Read more - https://gulfbrokers.com/en/wwe-stock-is-on-fire-and-aiming-for-the-100-mark