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Moody's Investors Service ("Moody's") assigned a Baa3 rating to $2.375 billion of senior unsecured notes issued by Hasbro, Inc. ("Hasbro") in multiple tranches. Other ratings, including the company's Baa3 senior unsecured rating and Prime-3 short term rating, remain unchanged. The net proceeds will be used primarily for the acquisition of Entertainment One Ltd.
Hasbro, Inc. (HAS) (“Hasbro”) announced today the closing of its previously announced underwritten registered public offering (the “Offering”) of 10,592,106 shares of its common stock, which includes 1,381,579 shares sold pursuant to the exercise in full by the underwriters of their over-allotment option, at a public offering price of $95.00 per share. The net proceeds from the Offering were approximately $976.06 million after giving effect to the underwriting discounts but before giving effect to any offering expenses payable by Hasbro. Hasbro intends to use the net proceeds of the Offering to finance, in part, its proposed acquisition (the “Proposed Acquisition”) of Entertainment One Ltd., and to pay related costs and expenses.
Admit it. You missed Cowboy McNugget. No worries. He's back! The Happy Meal is 40 years old and McDonald's Corp. (NYSE: MCD ) is celebrating by bringing back the most popular Happy Meal toys from the last ...
Zacks Earnings Trends Highlights: Fastenal, United Rentals, Caterpillar, Texas Instruments and Hasbro
Moody's Investors Service ("Moody's") today downgraded Hasbro, Inc.'s ("Hasbro") senior unsecured rating to Baa3 from Baa1 and its rating for short term issuance to Prime-3 from Prime-2, concluding the review for downgrade initiated on August 23, 2019. The rating action follows the company's issuance of $875 million in equity to fund the previously announced $4 billion Entertainment One acquisition, which is expected to close late 2019 or early 2020.
So much for the October Effect.Stocks have a reputation for declining in October, and no wonder: Some of the market's darkest days, including 1929's Black Tuesday/Thursday and 1987's Black Monday--occurred during that month.
Hasbro, Inc. (HAS) (“Hasbro”) announced today the pricing of an underwritten registered public offering (the “Offering”) of 9,210,527 shares of its common stock at a public offering price of $95.00 per share. Hasbro has granted the underwriters an option for 30 days to purchase up to an additional 1,381,579 shares of its common stock sold at the public offering price, less the underwriting discount. Subject to customary closing conditions, the Offering is expected to settle and close on or about November 8, 2019.
Hasbro, Inc. (HAS) (“Hasbro”) announced today it has commenced an underwritten registered public offering (the “Offering”) of $875.0 million of shares of its common stock. In addition, Hasbro intends to grant the underwriters an option for 30 days to purchase up to $131.25 million of additional shares of its common stock. Hasbro intends to use the net proceeds of the Offering to finance, in part, its proposed acquisition (the “Proposed Acquisition”) of Entertainment One Ltd., and to pay related costs and expenses.
Wayfair blames tariffs for creating “volatility” and hindering customer decision-making, but analysts think there are other forces at work.
“Fortnite” isn’t just making money for its developer, Cary-based Epic Games. “Clearly 'Fortnite' has been a strong performer,” says Hasbro CEO Brian Goldner on a call with analysts Oct. 22. Hasbro’s NERF brand, for example, has either grown or gained share every month since March “in part through the strength of our ‘Fortnite’ line, where we are delivering more innovation this holiday.” That’s as the category was actually down through August, he said.
(Bloomberg Opinion) -- It has long been clear that the White House’s tariffs on billions of dollars’ worth of goods made in China were not going to be good for U.S. consumers or the retailers trying to get them to open their wallets. Exactly how bad, however, was hard to know.Now comes Wayfair Inc., the e-commerce home-goods site, with a kind of case study of their impact. Tariffs are hurting their business, executives said — not necessarily because they make their products more expensive, although they do, but because they make their customers more wary.Wayfair reported quarterly earnings on Thursday and forecast a significantly slower pace of sales growth next quarter than investors have become accustomed to. The company said that outlook in part reflected challenges related to tariffs, which jumped to 25% this summer on many of its products and had also created headwinds in the third quarter.On a conference call with investors, Wayfair executives said that certain items on their marketplace — some with a lot of customer reviews and enticing product images — have gotten more expensive as suppliers raise prices. This, it turns out, appears to be causing customers to spend more time deliberating over their purchases: Should they go with the highly rated but more expensive item? Or should they take a chance on something that’s cheaper but has fewer reviews?Executives also said that as suppliers of more expensive items saw their sales volume sink, they would sometimes cut prices. The result, they said, was a “repetitive cycle of volatility” as customers tried to figure out how to get the best value for their money.Wayfair leaders said this is consistent with what they’ve observed in their business over time: Any kind of significant price movement — even downward — results in consumers taking their time before clicking the buy button.Of course, not every consumer business will see the same dynamics as Wayfair. Home furnishings purchases are generally more carefully considered, because couches, coffee tables and the like are expensive and are a hassle to return. But fellow retailers (and Washington lawmakers) should nonetheless consider Wayfair’s a cautionary tale.The impact of tariffs on the consumer economy is often discussed rather simplistically: They will cause prices to rise, which means shoppers will buy less stuff. Wayfair’s experience shows it is more complicated than that. Yes, consumers will change their behavior, but not always in a straightforward or predictable fashion. And this uncertainty complicates the response for manufacturers, retailers and, not incidentally, consumer brands.Last week, for example, toy giant Hasbro Inc. saw its shares sink nearly 17% after it reported disappointing earnings that reflected tariff-related difficulty. Certain retailers canceled toy orders that were to be imported directly from China and instead put in orders as domestic shipments from Hasbro. The maker of My Little Pony and Play-Doh was left scrambling to accommodate the changes, and ultimately wasn’t able to ship all the orders in time.Few U.S. retailers and consumer brands will be able to escape the impact of President Donald Trump’s trade policy. At this point, the best they can do is to commit to being flexible — and to analyzing their data for the potentially weird ripple effects of tariffs.To contact the author of this story: Sarah Halzack at email@example.comTo contact the editor responsible for this story: Michael Newman at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Mattel said import tariffs didn't have much impact on third-quarter earnings and announced the end of a whistleblower investigation.
Mattel's positive earnings follow a disappointing report from its rival Hasbro, which last week missed Wall Street estimates for both revenues and earnings.
Mattel stock jumped in the wake of the toymaker’s upbeat third-quarter earnings report. But not all Wall Street analysts are convinced it is a buy.