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Semi ETF on pace for best day in more than a month
An Hour Ago
Hasbro and Mattel shares soar after earnings reports highlight turnaround progress
Hot Wheels cars by Mattel are offered for sale at a big box store on April 23, 2024 in Chicago, Illinois.
Scott Olson | Getty Images
Shares of toy makers Hasbro and Mattel were rallying Wednesday as turnaround efforts at both companies are taking hold. Cost cutting has been a key focus as sales at both companies remain under pressure.
Analysts continue to warn that Mattel will be up against tough comparisons in the second half of the year, when it comes face to face with the boost it received from the “Barbie” movie. Still, shares are rallying in trading on Wednesday, with a pop of more than 6%.
Bank of America analyst Alexander Perry touted the surprising strength in the Hot Wheels brand, which showed gross billings up 5% year over year in the quarter. Hot Wheels has benefited from a series of new efforts that include new product lines — including one targeted to adult collectors — and a Netflix series.
At Hasbro, a highlight was improving inventories and growth at its digital gaming segment. Hasbro’s stock gained more than 12%. Its stock is up 27% year to date.
— Christina Cheddar Berk
An Hour Ago
Dow Industrials held back the most by Home Depot, McDonald’s and J&J on Wednesday
Three stocks are combining to hold back the Dow Jones Industrial Average by a total of 60 points on Wednesday.
Home Depot is taking 26 points off the average, McDonald’s is lowering it by 19 points and Johnson & Johnson by about 15 points.
Unlike the capitalization-weighted S&P 500, where larger companies have more of an effect on its calculation and smaller ones have less, the Dow Industrials has relied on individual company share prices since its founding in the 19th century. Today, each $1 move in any stock in the Dow Industrials moves the average higher or lower by 6.59 points.
— Scott Schnipper
2 Hours Ago
Nasdaq opens higher
A trader works on the floor of the New York Stock Exchange.
Brendan Mcdermid | Reuters
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