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WWE: Starting to Play the Game? Churn Concerns Continue to Persist

April 30th, 2015

In general as a public company, WWE has done a poor job of managing investor expectations.  Management has yet to fully figure out how to play the game of underpromising and overdelivering.  This dynamic was particularly problematic in 2014 when...

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WWE: 1.3MM Subs With Lackluster Creative? Wrestlemania Could Mark the Beginning of a Creative Upturn

March 30th, 2015

Today wrestling fans across the country are rejoicing over what many have deemed “the best Wrestlemania ever”.  Following months of complaining from WWE’s legion of vociferous fans on social media and various...

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WWE: Now With 1MM Subs the Network Once Again Becomes a “Free Call Option” Even As the Core Business Remains...

January 27th, 2015

Admittedly we walked into our offices Monday morning wondering if shares of WWE would come under pressure following a negative response from a vocal, but apparently small subsection of the...

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WWE: Framing Expectations Heading Into 3Q14 Earnings; The Bar Has Been Lowered More Than You Might Think

October 28th, 2014

In the context of the volatility in WWE shares thus far this year, the 20% trading range for the stock over the past three months can only be described as tranquil.  Perhaps more importantly the relative amount of...

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WWE: De-Risking the Story as the Company Evolves Into a “Free Cash Flow Compounder”

July 31st, 2014

When we think about the path in shares of WWE over the past 6-9 months, the perception of the company went from mature to explosive growth to mismanaged to what we think now is a compelling “free cash flow compounder” – all...

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WWE: Tempering Expectations on Network Subs, While Cost Cuts Come Into Focus

July 30th, 2014

Tomorrow WWE will report its 2Q14 operating results. While the magnitude of operating losses in the quarter will be of some degree of importance, for now everyone will likely be focused on one thing – the total number of subscribers to the...

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WWE: A 1.7x Mark to Market Isn’t the Problem, Elevated Network Spending and Epically Poor Communication Is

May 16th, 2014

“Just when they think they have the answers, I change the questions”Roddy PiperNo quote could better encapsulate the impact that the company’s press release on the renewal of its domestic TV rights fees...

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WWE: Framing Expectations Ahead of the Domestic TV Rights Fees Announcement

May 15th, 2014

“Well that escalated quickly…”Ron Burgundy, AnchormanIn what is likely to serve merely an appetizer for the main course of volatility that WWE shares are about to dole out over the next two trading days the stock witnessed a 10% intraday...

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WWE: Expectations Gone Awry? Come for the Rights Fees, Stay for the Network

April 7th, 2014

Heading into the release of initial subscriber numbers for the WWE Network our greatest fear was that the company would have a major technical issue with the video feed during Wrestlemania.  That did not happen and for the most part, the event...

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Current Ideas

WWE

LONG

$35

RY

SELL/SHORT

$70

CM

SELL/SHORT

$76

CTC

SHORT

$101

ATGE

SHORT

$15

AYI

SHORT

$108

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

BIG

SHORT

$28

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ING.PA

SHORT

$35

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

BCO

LONG

$35

KNL

PAIR - LONG KNL/SHORT MLHR

25%

XOXO

LONG

$20

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

ARC

LONG

$12.50

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR