Why Mattel Rallied Nearly 9% Today
Shares of toymaker Mattel (NASDAQ: MAT) jumped 8.7% on Monday, but don't look for any company-specific reason for the gain. Rather, investors can thank rival toy company Hasbro (NASDAQ: HAS), which reported solid second-quarter numbers this morning to drive its stock higher by more than 12%.
All told, Hasbro's top line of $1.32 billion for the three-month stretch ending in June is 54% better than the comparable quarter's revenue from a year earlier, when the COVID-19 pandemic was starting to rage, resulting in sweeping lockdowns. Operating profits quadrupled year over year, to $211.6 million. The company's mainstay franchises and licensed properties like Nerf, Star Wars, and Tonka led the company's growth, although Hasbro's new television and film efforts are making an increasingly impressive impact with their 48% revenue growth for the recently ended quarter.
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Source Fool.com
