With earnings season heating up, Hasbro ( NASDAQ: HAS ) represented one of the high-profile companies announcing its quarterly results on Tuesday. The stock showed weakness in midday trading, as a disappointing earnings figure triggered the decline.
In other news, Ally Financial ( ALLY ) also posted intraday losses, dragged down by a change in its C-Suite.
Looking to the upside, Salesforce ( CRM ) rose on reports of activist investor interest. Meanwhile, Carnival Corp. ( CCL ) ( CUK ) climbed on an offering related to its debt restructuring program.
Gainers
Salesforce ( CRM ) gained ground in midday trading, rising about 5% on reports that it has attracted interest from a high-profile activist investor. According to CNBC, Starboard Value has acquired a "significant" stake in the enterprise software firm.
The news outlet stated that Starboard will target higher incremental margins. The investor also believes that CRM suffers from a "subpar" mix of growth and profitability, leading to a valuation discount compared to its peers, CNBC noted.
Elsewhere, Carnival Corp. ( CCL ) ( CUK ) received a boost from news of a debt offering , which is part of the cruise line's plan to refinance its debt load. Shares jumped 11% after revealing that it has commenced a private offering of $1.25B of senior unsecured priority notes due 2028.
Decliners
A major leadership shakeup sparked selling in Ally Financial ( ALLY ). The company revealed that Jennifer LaClair is leaving her role as chief financial officer.
ALLY said company executive Bradley Brown will take over the CFO duties on an interim basis, while LaClair will remain in an advisory role until March, 2023. On the news, ALLY dropped about 5% in intraday trading.
Elsewhere, the release of earnings news prompted a decline in Hasbro ( HAS ). Shares of the toy maker declined 3% after the firm reported a 28% drop in its adjusted EPS and a 14% slide in revenue.
The company's profit figure came in below the amount analysts had predicted. In explaining its results, HAS pointed to foreign exchange impacts and challenges related to its supply chain.
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Hot Stocks: HAS drops on earnings; ALLY falls on CFO change; CRM activist interest; CCL debt offering