MAT - Is the Grinch Stealing Christmas for These 2 Toy Stocks?
2023-10-26 09:27:12 ET
Investors have been nervous about the stock market lately, and Thursday morning didn't bring any immediate relief. Even though the latest government data showed continued strong economic growth in the third quarter of 2023, many market participants worry that high inflation could persist that in turn could force the Federal Reserve to push the U.S. economy into a recession. Stock index futures were down as much as two-thirds of a percent early Thursday.
As the holiday season approaches, many shoppers are starting to think about how they can get presents for the children in their lives. For toymakers Hasbro (NASDAQ: HAS) and Mattel (NASDAQ: MAT) , the last three months of the year are the most important season for their respective businesses. However, both stocks fell sharply following the release of their results from the summer months, and many seem to think that the end of 2023 might not be as favorable for toy stocks as previously thought. Here's the latest from Hasbro and Mattel.
Shares of Hasbro were down 13% in premarket trading early Thursday. The toymaker reported third-quarter financial results that demonstrated just how challenging the retail environment is right now, and it projected that the key holiday quarter might not shape up as well as previously hoped.
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Is the Grinch Stealing Christmas for These 2 Toy Stocks?