Here are your trending tickers for Wednesday May 21st:
You asked for it you got it, World Wrestling Entertainment (WWE) is still the top trending ticker. It's a story of hope over economics as WWE really hasn't been able to assuage investor concerns over the smaller than hoped for TV contract rights deal it signed with NBC. The deal was a huge step up from WWE's prior deal but no where near the Nascar money Vince McMahon had been looking for when negotiations started last winter. Add to that concerns over the success of McMahon's WWE network and the degree to which it's cannibalizing pay-per-view buy rates and what fans can smell cookin' isn't the Rock but rather the McMahon family financials. Vince is rumored to be down over $350 million over the last few weeks after the tall can of whoop "butt" Mr. Market has been serving up over the last week.
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Back in the news yet again is General Motors (GM) who issued its 29th recall this year. This time the company called back 2.4 million of them. Folks, if you lined up the 13.6 million cars recalled by GM so far this year they'd circle the earth nearly one and a half times. The stock took a hit yesterday and is recovering slightly today but what's going on here? Are there even any GM cars left to recall? Simply dealing with these recalls is like a one-company full-employment act for parts suppliers, mechanics and service stations. I'm not saying this is a government motors conspiracy to create busy-work jobs for otherwise moribund economy but, if it were, hats off because it's a pretty dang good one.
Bad news for cool tweens, Urban Outfitters (URBN) is also down after getting whacked on earnings. I guess ironic t-shirts and fedoras don't get you everywhere after all. Sales are plummeting at the stores and shares lost 9% on Tuesday. The stock has lost over 17% this year alone and though Anthropologie and Free People are doing well they're not doing well enough to pick up the slack for the hipster outfitter. Then again I have no way of knowing for certain as I'm about 20 years outside the Urban target demographic window. What I can tell you is this: specialty retail stocks are where love goes to die and Urban shares are the grim reaper.