Monday is March 16 — or 3:16 Day in pro-wrestling parlance — but WWE shareholders aren’t exactly cracking a cold one in celebration.
WWE stock is currently down 15% and is threatening to fall below $30 per share, which would be a low since 2017. At the time this story was published, share values had lost pretty much all of Friday’s temporary gains.
The S&P 500 is currently down 8% today as coronavirus fears continue to crush Wall Street. The Dow Jones is down 9%.
“3:16 Day” is a reference to today’s date, but also to “Stone Cold” Steve Austin’s (phony, obviously) bible verse. “Austin: 316” reads “I just whooped your ass,” and is the best-selling t-shirt in the history of WWE.
In celebration, Austin is set to guest star on tonight’s “Raw,” which, like Friday’s “SmackDown,” has been relocated to the WWE Performance Center in Orlando, Florida.
As of now, WWE’s WrestleMania 36 is still technically on for April 5 in Tampa Bay. It seems unlikely that the event, which is WWE’s largest revenue generator of the year, will take place as scheduled. The City of Tampa council is set to meet again on Thursday to discuss the topic, but pretty much all large-scale live sporting events have been scrapped as COVID-19 spreads.
WWE shares have suffered through all of February and this first half of March. In early February, WWE reported worse-than-expected fourth-quarter revenue. Subscribers for streaming service WWE Network were also lower than analysts had anticipated.
On the Q4 earnings conference call, WWE Chairman Vince McMahon revealed that WWE was in talks to license at least some of its pay-per-views to another streaming player. A week earlier, WWE fired co-presidents Michelle Wilson and George Barrios.
WWE stock is now valued at less than half of what it had been at the end of January 2020. Shares have traded as high as $100 apiece within the last 52 weeks.