World Wrestling Entertainment, Inc. could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front. Recently, the 50 Day Moving Average for WWE broke out below the 200 Day Simple Moving Average, suggesting short-term bearishness.
This has already started to take place, as the stock has moved lower by 2.7% in the past four weeks. And with the recent moving average crossover, investors have to think that more unfavorable trading is ahead for WWE stock.
If that wasn’t enough, WWE isn’t looking too great from an earnings estimate revision perspective either. It appears as though many analysts have been reducing their earnings expectations for the stock lately, which is usually not a good sign of things to come.
Consider that in the last 30 days, 1 estimate has been reduced, while none has moved higher. Add this in to a similar move lower in the consensus estimate, and there is plenty of reason to be bearish here.
That is why we currently have a Zacks Rank #5 (Strong Sell) on this stock and are looking for it to underperform in the weeks ahead. So, either avoid this stock or consider jumping ship until the estimates and technical factors turn around for WWE. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Moving Average Crossover Alert: World Wrestling Entertainment
World Wrestling Entertainment, Inc. could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front. Recently, the 50 Day Moving Average for WWE broke out below the 200 Day Simple Moving Average, suggesting short-term bearishness.
This has already started to take place, as the stock has moved lower by 2.7% in the past four weeks. And with the recent moving average crossover, investors have to think that more unfavorable trading is ahead for WWE stock.
If that wasn’t enough, WWE isn’t looking too great from an earnings estimate revision perspective either. It appears as though many analysts have been reducing their earnings expectations for the stock lately, which is usually not a good sign of things to come.
Consider that in the last 30 days, 1 estimate has been reduced, while none has moved higher. Add this in to a similar move lower in the consensus estimate, and there is plenty of reason to be bearish here.
That is why we currently have a Zacks Rank #5 (Strong Sell) on this stock and are looking for it to underperform in the weeks ahead. So, either avoid this stock or consider jumping ship until the estimates and technical factors turn around for WWE. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>