Mattel news for Friday concerning a whistleblower letter has MAT stock taking a pounding.
Mattel made its announcement concerning the whistleblower letter via a filing with the U.S. Securities and Exchange Commission (SEC). However, the company doesn’t reveal the contents of the letter, or even hint at what it may be about.
Instead, the Mattel news has it canceling a senior notes offer that was set to go live Thursday. This offer was for its 6.00% senior notes that were going to have a due date of 2027. The company also notes that it will be refinancing its 4.350% senior notes due October 2020 before they reach maturity.
The bad Mattel news is hitting MAT stock hard as the company recovers from a struggling period in its history. This includes it going through multiple CEOs over the last few years and dealing with the fallout of the Toys R Us bankruptcy.
The blow to MAT stock also comes after it got a boost from second-quarter earnings late last month. This had it beating revenue estimates for the quarter. However, it did miss earnings per share estimates. Despite this, the earnings report was able to boost the stock up more than 3%.
As it stands now, the recent Mattel news goes a long way toward wiping out its positive progress for 2019. The stock started the year at $9.76 and was sitting at $13.43 when the markets closed on Thursday. It is currently down roughly 14% to $11.54 as of Friday afternoon.
More From InvestorPlace
- 2 Toxic Pot Stocks You Should Avoid
- 8 Dividend Aristocrat Stocks to Buy Now No Matter What
- 7 Stocks to Buy to Ride the Vegan Wave
- 4 Safe Stocks to Buy Amid Trade War Turbulence
As of this writing, William White did not hold a position in any of the aforementioned securities.
The post Mattel News: Whistleblower Letter Sends MAT Stock Tumbling appeared first on InvestorPlace.