Wrestling Federation shares fall

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Thursday, Sept. 28, 2000 | 10:52 a.m.

STAMFORD, Conn. -- World Wrestling Federation Entertainment Inc. shares fell as much as 29 percent today after it said revenue will be less than expected for the year, partly because of slow sales of some action figures.

The shares fell $5, or 25 percent, to $14.75 in late morning trading of 336,700, more than three times the three-month daily average. The stock had risen 16 percent since the company first sold shares to the public last October.

The Stamford, Conn.-based company produces the TV show "SmackDown!," which features performers such as Stone Cold Steve Austin and the Rock. The revenue shortfall will have a "modest impact" on earnings for the second quarter ending next month, with the "majority of the impact" in the third quarter ending in January, WWF said.

The wrestling federation owns the Debbie Reynolds hotel-casino in Las Vegas. It's trying to sell the property and wants to find another property for a resort in the gambling capital.