The stock market largely avoided any major moves on Friday, as investors got a brief respite from the severe downdraft that they've had to suffer during the past two days. As earnings season comes to a close, macroeconomic factors will play a bigger role, and that could spell trouble if economies around the world don't start showing greater strength. Even with signs of stability in the broader market, Canadian Solar (CSIQ -5.45%), Just Energy Group (JE), and World Wrestling Entertainment (WWE) couldn't avoid substantial losses on Friday.

Source: Canadian Solar.

Canadian Solar fell 13% as the solar company's poor guidance and mixed financial results weighed on investor sentiment. Shipments of solar modules rose to 500 megawatts from 340 in the year-ago quarter, helping send revenue up 77% and reverse a year-ago loss with a modest profit in the first quarter. Yet, those shipments were down about 20% sequentially compared to the fourth quarter. Moreover, Canadian Solar projected current-quarter revenue of just $560 million to $590 million, which is about 7% to 12% below what investors expected to see from the company, and its full-year revenue guidance was also on the low end of expectations. Canadian Solar hopes to broaden its purview to get more exposure to the Japanese solar market; but for now, relying on China is a dangerous game that shareholders have to endure.

Just Energy Group plunged 17% as the Canadian natural-gas and electricity-utility provider and solar-panel installer reported quarterly results last night. Just Energy saw total revenue climb 28%, with growth in its customer base of 5%, to 4.7 million, and gross customer additions of more than 1.43 million, setting a new record. Yet, the tough winter months proved to be a substantial obstacle to Just Energy's marketing, which, in part, involves door-to-door solicitation, and attrition rates among existing customers climbed from 12% in fiscal 2013 to 15% in the just-ended fiscal year. With renewal rates of just 68%, Just Energy needs to demonstrate that it can compete in the increasingly cutthroat environment of competitive utility markets.

Source: WWE Network.

World Wrestling Entertainment plummeted 43% after the wrestling giant's newest U.S. television deal with NBC Universal revealed some huge risks for the company's future. Ordinarily, a multi-year partnership with a major network would be a positive thing, but investors had expected the value of a WWE Network deal to be much higher than what the revenue boost that appears most likely under the newly announced deal. Between ensuring that pay-per-view sales continue at past levels, while also wooing potential subscribers to the WWE Network, World Wrestling Entertainment is taking a much bigger risk with its future, and shareholders need to understand that risk before continuing to hold onto the stock.