Hasbro Posts Strong Earnings, but the Market Sends Shares Tumbling 9.4%
Toymaker Hasbro (NASDAQ: HAS) reported strong second-quarter 2017 results before the market opened on Monday. Revenue grew 10.6% and adjusted earnings per share increased 26.8% from the year-ago period. Moreover, the company's outlook remains quite positive.
The market wasn't feeling playful, sending Hasbro shares tumbling to a closing loss of 9.4% on Monday. The dynamic at play here appears simply to be short-term profit-taking after a huge run-up in the stock this year. The stock had returned 50.8% in 2017 going into earnings, versus the S&P 500's 11.7%, so expectations were sky-high. After Monday's haircut, shares have returned nearly 37% this year.
Image source: Hasbro.
Source: Fool.com
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