World Wrestling Entertainment (WWE) issued its latest quarterly report yesterday. The home of John Cena and Triple H is having a difficult time growing from the looks of it. And what exactly is going on with the film division?

According to TheFly, WWE's Q4 reported profit of 11 cents per share beat the estimate by two pennies. I'm not terribly pleased by that. To begin with, the company made 15 cents per share in the year-ago period. Plus, adjusted operating income, as highlighted in the corporate press release, dipped 22%.

World Wrestling Entertainment (WWE) hit a 52-week low of $11.50 on some dispiriting news concerning earnings guidance. And I should say that, at the time of this writing, there were about three hours to go before the end of the session, meaning there is always the possibility that once this piece is published, the 52-week low could have changed (shareholders certainly hope that is not the case).

According to Reuters, WWE's projection for Q4 income to fall somewhere between 8 and 10 cents per share is well below the 16 cents per share that Wall Street was counting on. At one point during the afternoon, I saw a quote of $12.25 go by on the screen, indicating a drop of over 9% for the shares.

World Wrestling Entertainment (WWE) got some good news Wednesday. According to StreetInsider.com, Roth Capital is calling the stock a buy now instead of neutral. At a little before 10 a.m., the shares were higher by 2.2%, coming in at a quote of $14.33.

The 52-week low for the stock is $12.86 while the 52-week high is $18.95. I would love to see WWE begin to edge closer to that 52-week high; I'm not sure if this upgrade will do the trick, but it will probably serve to remind investors to check out this multimedia entity. It does possess a valuable portfolio of programs, and one could certainly argue that, from a long-term perspective, it has potential.

Analyst Upgrades

• Verizon (VZ), FEMSA (FMX), Vornado (VNO), Duke Realty (DRE) and AvalonBay (AVB) to buy from neutral, as well as Carnival (CCL) to conviction buy from buy, at Goldman.
• Symantec (SYMC) to buy from hold at Citigroup.
• Copano Energy (CPNO), DCP Midstream (DPM) and Inergy (NRGY) to overweight from equal weight at Morgan Stanley.
• SYNNEX (SNX) to strong buy from buy at Needham.
• Eli Lilly (LLY) to hold from sell at Hapoalim.
• World Wrestling (WWE) to buy from neutral at Roth Capital.

I have to admit, I didn't notice until late this week that World Wrestling Entertainment's (WWE) Legendary film, which opened yesterday, was some sort of drama. Maybe I was aware of it, somewhere in the back of my mind, but honestly, I've suddenly been hit by the notion that WWE's celluloid division made one heck of a strange business decision in green lighting the project.

Let me say upfront that I have not seen the movie. But I've read several reviews, such as the one in the Los Angeles Times. They don't make me want to see the flick.

I'm going to offer up brief opinions on some of the events from the past trading week. Maybe you had your eye on one or two of them as well.

Playboy (PLA) reported a net loss in its second quarter. The red ink came out to 16 cents per share this time around; last year, the loss was 26 cents per share. You know what? It doesn't really matter if management was able to narrow the bleeding. Playboy is purely an arbitrage play now, with Hugh Hefner making a bid to take control of the business (a competing bid has been made by FriendFinder, which owns Penthouse). I would avoid making a buy here, since the arbitrage game can be a difficult one to win.

After climbing up to a high around $19 in April, World Wrestling Entertainment (WWE) looks like it may be headed for a smackdown on its stock price.

Following a disappointing earnings announcement yesterday -- analysts were expecting earnings of $0.14 per share and the company reported earnings of $0.08 per share -- the stock gapped lower and is now sitting at a key support level at $15.

Looking back as far as last November, it appears this level of support could be the neckline of a head-and-shoulders reversal pattern.

It's tough to buy stocks these days. No one knows when the next drop in the major indexes is going to happen. As many have said, it probably will be a tough summer.

Over the weekend, I was looking through some media articles discussing World Wrestling Entertainment's (WWE) YouTube strategy (you can check out the corporate press release to get more information about the subject). It made me want to examine WWE's current investment potential.

Shareholders of Disney (DIS) are looking forward to a little boost this

Yet, I have a thought to propose to the media industry: Should Disney charge viewers to see the finale?

Analyst Upgrades

• Needham upgraded Dick's Sporting Goods (DKS) to buy from hold following the company's Q1 results as it believes the sell-off in shares provides an attractive entry point into the name. The firm has a $31 price target for the stock. Piper Jaffrey upgraded Dick's Sporting to overweight from neutral following the company's Q1 results and raised its target for shares to $34 from $31.
• Piper Jaffray also upgraded MGIC Investment (MTG) to overweight from neutral. The firm upgraded shares on valuation and raised its target to $11 from $10.
• Macy's (M) was upgraded to buy from neutral and VeriSign (VRSN) was upgraded to sell from conviction sell at Goldman.
• Fidelity National (FIS) was upgraded to outperform from market perform at Raymond James.
• Watson Pharma (WPI) was upgraded to overweight from neutral at JPMorgan.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• American International Group Inc. (AIG) said its Q1 earnings doubled, easily topping analysts' expectations.
• Cablevision Systems Corp. (CVC) said Q1 revenue grew, but disappointing earnings dragged down shares.
• Chevron Corp. (CVX) had strong Q1 earnings and boosted its dividend, but Gulf spill concerns weighed on shares.
• CVS Caremark Corp. (CVS) Q1 earnings topped consensus estimates but it also said same-store sales slipped.
• Freddie Mac (FRE) said its lost $8 billion in Q1, less than a year ago, and requested further bailout funds.

Wow, what a trading day! World Wrestling Entertainment (WWE), like many stocks, was being punished because of macro fears in the global marketplace. At one point, my intraday screen showed a drop all the way down to $12.86. Did that really happen? Is a rerun of the kind of price action we saw during the credit crisis in the offing?

I just don't know; I do know, however, that you better be willing to take advantage of some of these buying opportunities (assuming an opportunity passes your own test of due diligence, it goes without saying). Looking at WWE, I have to believe today may have been a good time to start a position (if you are a long-term believer and didn't add to an already existing position, you should have!).