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It closed at $73.73, down $1.68 (-2.23%). In my opinion, it was down due to the part of the story that stated Vince McMahon is considering a return to the company. The stock rallied sharply after he left the company so it would stand to reason that it would drop if he returned. The Street was happy WWE distanced themselves from him. After two more accusations, it would make no sense that they would welcome him back.
One also has to wonder how NBCU, who dealt with the Matt Lauer scandal, and FOX, who dealt with Roger Ailes' scandal, would feel about partnering with someone who has now been accused of impropriety by six women. Will they want to be in business with him, especially with the fear of other women coming forward hanging over their heads? And what about their partner companies?
The company promotes themselves as being family friendly and the accusations that the six women have made are just the opposite of that. WWE may be forced to make a statement if the stock price drops further. We will be watching the story.
Also, as I mentioned on my hotline today, I spoke to at least a dozen people who work for WWE and not a single one of them wants to see McMahon come back. In fact, every one of them feels just the opposite. The fact of the matter is this. Under Vince, WWE was seen by many as a tense workplace. Under the current regime, people are happier and enjoy going to work. When people didn't know any other WWE, it was acceptable.
Now? Well, my take is that if Vince comes back and brings his trademark with him, quality people with other options will look to rosier pastures. You can't show people a better way and then take it from them. If they have other options, they will pursue them.
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