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!).

World Wrestling Entertainment's (WWE) story hasn't changed too much, in my opinion. It's holding up pretty well with its business model, but as far as unambiguous growth is concerned, management remains in a challenged position.

WWE released Q4 earnings to the market on Thursday, and the results were rather mediocre for the most part. Per-share profit dropped three pennies to 15 cents. Revenues saw a modest decline. Excluding items, adjusted operating income increased 9% on a dollar basis.

World Wrestling Entertainment (WWE) is a fun stock to keep tabs on. Not only is it linked to some crazy (and I mean that in a good way) content, but it sports one heck of a yield. As of this writing, WWE is yielding over 9%. Pretty cool, huh?

Yet, at the same time, investors worry over the company's programming. They have to; WWE lives and breathes by the excitement quotient of its various plots and skirmishes. Wall Street wants to see the ratings go as high as possible, and for that to happen, WWE has to deliver.

World Wrestling Entertainment (NYSE: WWE)'s stock jumped Thursday after the market took a look at the company's Q3 data. Overall revenues didn't see much of an increase, but earnings per share rose over 70% to 12 cents. Driving this incredible growth rate was a cut in gross costs. Analysts were betting on 10 cents in per-share profit, according to Earnings.com.

Did WWE deserve a pop of 7% during yesterday's trading session? Some of the excitement was certainly justified. It's obviously a positive thing to see management acting so diligently when it comes to costs. Of course, there was an increase in selling, general, and administrative expenses during the quarter, so there is still room for improvement (the nine-month table did show a decrease in this line, to be fair).

Linda McMahon, as I'm sure most investors are aware, is no longer the CEO of World Wrestling Entertainment (NYSE: WWE). Her husband, Vincent K. McMahon, now occupies the role. The reason? Political ambitions. She wants to be a senator. Now, here's the question: should shareholders be worried about the change?

My opinion? Investors shouldn't worry at all. Well, perhaps that's overstating it a little, but I think there are a few things media observers should keep in mind.

There's some exciting news in the world of World Wrestling Entertainment (NYSE: WWE). Looks like Vince McMahon wants to expand his media empire via entering the world of basic cable. Yes, he's already on basic cable, of course, but now he's intent on literally creating his very own wrestling channel.

According to a blog at the Los Angeles Times website, McMahon would be interested in launching a dedicated WWE channel within two years. This makes complete sense on several levels. First, WWE has a lot of content in its library that needs to be monetized; WWE's existing video-on-demand product already leverages the company's portfolio, but exposure to ad-supported cable would be helpful. Second, it could boost the profile of the WWE brand. Third, it might help long-term growth; without question, WWE needs to do something to compensate for the falloff it is seen in pay-per-view buys.

World Wrestling Entertainment (NYSE: WWE) walked to the ring with its second quarter results on Thursday. WWE increased revenues by 7%. Earnings per share came in at 27 cents per share as opposed to 10 cents per share in the year-ago quarter. In the first quarter of this year, WWE reported lower sales and income.

Wrestlemania XXV hulked up the quarter, it must be kept in mind. And that's great. However, don't think WWE is out of the woods yet when it comes to pay-per-view performance. For instance, both the Backlash and Judgment Day events saw decreases in buy rates. Any Wrestlemania event is a given in terms of popularity, but you really want to see every event at least maintain a flat growth rate. Remember: Wrestlemania comes only once a year, not every quarter.

Last week, World Wrestling Entertainment (NYSE: WWE) reported its Q1 results. Above all, investors interested in this business look at one thing: cash flow. Why? Take a look at WWE's dividend yield.

As of Tuesday's close, the stock was yielding almost 13%! That's high. And a high dividend yield often indicates that a dividend cut may be in the offing -- the theory being that if the yield were sustainable, then buyers would rush in, and their activities would eventually lower the yield by driving the price higher.

Well, WWE hasn't had a great time of it when it comes to cash flow. I found this out when I examined the company's third quarter. Net cash from operations, unfortunately, has been overpowered at times by the dividend obligation. In fact, according to the Q4 report (pdf file), operational cash flow for 2008 dropped significantly to roughly $36 million, and the dividend obligation was over $80 million.

And that was before capital investments. That's sort of like the Undertaker throwing Mankind off the top of a steel cage. In other words, it's not pretty, folks.

DreamWorks Animation (NYSE: DWA) has done it again. The studio's new computer cartoon, Monsters Vs. Aliens, which was distributed by Viacom (NYSE: VIA), debuted in the top slot over the weekend at domestic multiplexes. According to Boxofficemojo estimates at the time of this writing, the film earned around $58 million. I think we all expected the performance in terms of rank, but I have to say that I thought the film would have taken in north of $60 million.

If you look at this very useful reference, you'll see that the opening for Monsters is relatively decent when compared to other DreamWorks Animation openings. But since both Kung Fu Panda and Madagascar: Escape 2 Africa had both hit the $60 million mark, I thought Monsters could do the same. An element to keep in mind is the timing. This is the first time that the studio opened one of its animated projects in March since The Road to El Dorado, and that one doesn't really count since it wasn't a CGI affair. So from that standpoint, perhaps this is a big victory.

Don't tell me you haven't noticed the rise in value of shares of World Wrestling Entertainment (NYSE: WWE). The recent rally in the stock is supremely impressive. The shares closed on Thursday at $12.08. The 52-week low of $8.76 was made back in November of last year. If you look at a one-month chart, you'll see that it's been nothing but straight-up action.

Yes, my friends, the stock is Hulking up! (I love it when Hulk Hogan does that routine.) Of course, by the time this is published, maybe the shares will have experienced a sell-off, but for now, the shares are hot.

Last week at this time, I was reporting on the success of Disney's (NYSE: DIS) Race to Witch Mountain, starring Dwayne Johnson, an actor who used to be a full-time grappler known as The Rock for World Wrestling Entertainment (NYSE: WWE). The film opened in the number-one position, taking in $24.4 million.

Well, I'm sorry to say now that the project might not have the best legs in the business. It dropped to fourth place this time around after grossing an amount that, as of early estimates, is over 46% less than what it grossed in its debut weekend.

Well, it looks like Disney (NYSE: DIS) redeemed itself after the awful Jonas Brothers: The 3D Concert disappointment.

According to early estimates at Boxofficemojo, the Mouse's new movie, Race to Witch Mountain, was the number-one flick at domestic theaters this past weekend. The remake of the classic Disney film Escape to Witch Mountain took in roughly $25 million.

That was more than enough to send Time Warner's (NYSE: TWX) Watchmen to second place. The superhero project made around $18 million. Coming in third was another remake, although this is no family movie, I can tell you that. Distributed by General Electric's (NYSE: GE) Universal Pictures, The Last House on the Left, a grim horror film full of terror and torture, took in $14 million.

World Wrestling Entertainment (NYSE: WWE) reported results for the third quarter, and by just about all accounts, things were tough. Revenues were flat at $108.8 million. Net income on a per-share basis, however, dropped almost 42% to $0.07. Talk about getting slammed to the mat! But the really bad aspect was the cash-flow statement. This has been a constant theme as of late. The company's operational cash flow declined massively during the nine-month period, coming in at $17.7 million. Know how much money was paid out in dividends? Try almost $61 million. That's probably why WWE's stock yields over 10%.

So what's the problem here? A couple things. First, costs need to be controlled (the press release does mention this issue, as well as a desire to be more careful when it comes to capital expenditures). Second, CEO Linda McMahon has to get fans excited about wrestling again. If you look at the buy rates for the pay-per-view events, you'll notice they've been declining. I think one thing that WWE must do is figure out a way to make its secondary pay-per-view shows a must-purchase item for the part of the fan base that falls outside of the hardcore wrestling viewer but doesn't exactly reach the realm of the casual audience. If the company can bring shows like The Great American Bash and Unforgiven up to the level of a SummerSlam, then the company will really be on a growth track.

I was sent a press release today concerning World Wrestling Entertainment (NYSE: WWE). It was one that I had missed. WWE, as many may know, has a pretty high dividend yield. Problem is, in this trading environment, some high dividend yields have proven to be predictors of disaster. As an example, were you trading Newcastle Investment (NYSE: NCT) by any chance? Then you know what I mean. For many stocks, high yields are merely a ticket to Dividend-Cut City. Or how about General Electric Company (NYSE: GE)? That company didn't cut its dividend, but management indicates that there won't be a raise in the dividend this year. It's been many, many years since GE refused to raise its quarterly payout. In many sad ways, it could be considered a cut.

Yet, here's something encouraging for investors in WWE. Management at the world's most famous wrestling institution has come out swinging, eager to alleviate the fears of shaken investors in a world bloodied and bruised by the financial crisis (hey, maybe that could be a new wrestling character, Financial Crisis, and his finishing move could be the Mark-to-Market). According to the press release, WWE intends on keeping its current quarterly payout for the long term. The very high yield of 9%, as far as execs are concerned, is doable.

What are income investors to make of this? Well, in my opinion, long-term investors might do well with WWE stock. Consider that we are not dealing with a financial company. Like GE, WWE didn't say it intends to raise the payout. But WWE has increased the dividend quite a bit since it first initiated the shareholder-friendly initiative. In this environment, the ability to keep a high yield is something that could be valuable.

World Wrestling Entertainment (NYSE: WWE) entered a match it apparently was unprepared to win this time around. I'm talking about a match for the most coveted prize on Wall Street: The Earnings Championship Belt.

During the second quarter, WWE had to lie down for the count. The top line saw a depressing decrease of nearly 6%, coming in at $129.7 million. The bottom line saw no growth whatsoever, as WWE earned $0.10 per diluted share, the same amount that was earned in the year-ago period. According to Briefing.com, this represents a miss of two pennies. One thing that must be noted is that the big Wrestlemania event took place during the second quarter last year and the first quarter this year.

Of course, one of the most fascinating elements of WWE's stock is its incredible yield. Right now, the company is trading at a yield greater than 9%. Considering WWE's massive brand power in sports entertainment, and the fact that wrestling should always be with us, that sounds like a great deal, correct? It could be over the long term.

However, a look at the cash-flow statement does not offer a lot of encouragement, to be honest. Operational cash flow declined massively, dropping 94% during the six-month period. And for both the quarterly period and the half-year period, there was negative free cash flow by management's own calculation. So, as can be seen, servicing a dividend with no free cash flow is like Rey Mysterio trying to body slam Andre the Giant.