market folly

Ricky Sandler's hedge fund Eminence Capital has filed a 13G with the SEC revealing a brand new position in World Wrestling Entertainment (WWE).

Per the filing, Eminence now owns 9.6% of the company with over 3.17 million shares.  The filing was made due to activity on July 31st.

WWE shares have been on a rollercoaster thus far this year.  They started the year around $16, skyrocketed up to $31, and have recently settled down just under $14.  A lot of this volatility can be attributed to the hype and results surrounding the launch of the company's new network.

Per Google Finance, World Wrestling Entertainment is "an integrated media and entertainment company. The Company develops content via television, online and at its live events. The Company's operations are centered around four business segments: Live and Televised Entertainment, Consumer Products, Digital Media and WWE Studios. Live and Televised Entertainment segment's revenues consist principally of ticket sales to live events, sales of merchandise at these live events, television rights fees, integrated sponsorships fees, and fees for viewing the Company's pay-per-view and video-on-demand programming."

You can view additional recent portfolio activity from Eminence Capital here.