Here’s a look at some of the companies the Yahoo Finance team will be watching for you today.
Hasbro posted a big miss on earnings, as revenue slid 12%. Hasbro blames the Toys ‘R’ Us bankruptcy, saying that took away a key “touch point” for customers. Hasbro will now reportedly trim about 10% of its workforce.
Another change at the top for CBS. Richard Parsons is stepping down as interim chairman of the board. He only took the job about 6 weeks ago, when chairman and CEO Les Moonves departed amid a sexual misconduct investigation. Parsons says he’s fighting multiple myeloma, and doctors advised him to reduce his workload. Strauss Zelnick, from Take-Two Interactive, has been named the new chair.
American Railcar is being bought out for $1.75B, or $70 a share; that’s about a 50% premium. The deal is being led by investing firm ITE Management, and the company will merge with its ITE Rail subsidiary. It’ll mean a huge profit for Carl Icahn. His company owns 62% of American Railcar’s stock.
Food giant Hormel is thinking beyond meat for its future. Bloomberg says the company is considering launching plant-based options through its Applegate Farms brand. Applegate’s president says it loves selling meat, but that plant-based meat alternatives are an “interesting space.” It’s not clear just when, or if, they plan to launch their own line.
Another legal marijuana stock is coming the New York Stock Exchange. Aurora Cannabis begins trading on the NYSE tomorrow, under the ticker ACB. It’ll join Canopy Growth on the exchange. Aurora currently trades in Toronto, but has been under pressure, as a glut of legal pot hits the market in Canada, now that it’s been legalized there.