Why WWE Stock Hit an All-Time High Today

World Wrestling Entertainment spiked to an all-time high of $31.91 on Thursday amid rumors that AMC Networks is interested in purchasing the company.

The company recently released the WWE Network, an all-hours streaming network with live and on-demand content and all of the company's annual pay-per-views for $9.99 a month. But WWE is also in the process of searching for a new cable television partner for its weekly television shows Monday Night Raw and Friday Night Smackdown, neither of which air live on the WWE Network at this time.

WWE's exclusive negotiating window with NBCUniversal, which currently carries the shows, expired in February, according to Variety. The two sides could not come to a deal for the rights to WWE's television programming, so WWE is now negotiating with other companies, though NBCUniversal can still make a deal with the company.

The spike from the rumors sharply declined almost immediately, and the stock closed at $29.76, a mere 0.3% or 9 cents greater than its previous close of $29.67. The stock had a volume of 2,313,427, more than double its average of 994,922.

source: thestreet.com