NEW YORK (TheStreet) -- The Undertaker lost at WrestleMania XXX and World Wrestling Entertainment (WWE) investors took a serious beating. Cashtaggers on StockTwits.com said the company's decision to break a popular wrestler's winning streak cost it not only fan loyalty but also positive momentum.
Shares fell nearly 22% by 11:30 a.m. on Monday. Sentiment dropped to 75% bullish, according to StockTwits' analytics.Some investors attributed the bearishness to concern that World Wide Wrestling's controversial decision to let its 21-winning streak hero lose the match would turn off fans, leading to lower subscription revenues.
$WWE Undertaker loses his wrestlemania streak I am surprised it didn't cause a riot I will never have anything to do with wrestling again -- Darren (@Darren87) Apr. 7 at 12:09 AMOthers said that investors were concerned that WrestleMania 30 didn't live up to the hype.
@StockTwits @tmar89 No Vince last night...terrible storyline writing..Stephanie and HHH appear not competent as company successors. Not good -- j sciacca (@jjshaka) Apr. 7 at 11:48 AMStill others blamed the sharp sell-off on a WWE Network subscriber update Monday morning that met company goals but, perhaps, not unspoken investor hopes. About 667,287 people subscribe to WWE's online streaming video service. The company lauded the number as evidence that it would easily reach its goal of a million subscribers by 2014. The WWE network launched in February. Fans pay about $60 for six months of streaming wrestling matches on WWE.com. The subscription includes pay-per-view events such as WrestleMania. Some investors may fear that subscribers are not growing quickly enough to offset declines in pay-per-view sales.
@StockTwits 1M network subs maybe? The speculation alone was driving this stock, so it needed to surpass the un-achievable today. -- Thomas Marullo (@tmar89) Apr. 7 at 11:03 AMStill other investors said people had bought the run-up to WrestleMania and were now shedding the name as they saw little upcoming news capable of fueling momentum. Until today, WWE was up 75% year-to-date.
$SPY watching $WWE, another momo-masacre... -- slowslimslider (@slowslimslider) Apr. 7 at 11:36 AMWith so many reasons to pin the fall on, investors cautioned against getting into the ring until the dust settles.
don't try to catch a falling knife unless you're a $WWE super star! Not worth the "gamble" - NextTrade1122 (@NextTrade1122) Apr. 7 at 11:34 AMAt the time of publication the author had no position in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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