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Hasbro (HAS) shares jumped more than 12% and its CEO Brian Goldner said on CNBC that the company was seeing strong demands for its products. He believes that by April the production will be fully caught up.
As the coronavirus outbreak forces people on total lockdown to prevent contracting the virus, people are finding ways to interact at the basic level as a family. At the epicenter of the toy and game industry, there is an American worldwide toy, board game, and entertainment company, Hasbro Inc (NASDAQ: HAS). As a result of the high demand for its products, the Hasbro shares jumped more than 12%, approximately $5.76, at the closing to $51.87 on March 23, 16:00 EDT.
In an interview with CNBC on Monday, CEO Brian Goldner confirmed that the social distancing efforts due to coronavirus outbreak are lifting Hasbro shares. He added that consumers in many markets are snapping up its products as families look for ways to stay entertained at home.
As a result of the high demand for its products, Goldner said that the first quarter has been quite good for the company. He also noted that people are greatly interested in products that eventually help their children get occupied, educated and entertained.
Hasbro, previously known as Hassenfeld Brothers, has also seen its factories in China open as the virus gets under control. China plays a vital role in the supply chain of Hasbro products. On the brighter side, Goldner confirmed that the company is under no financial stress due to the coronavirus crisis. As a result, the company has more than enough resources to keep its businesses running without a hitch.
As other companies set to lay off their workers due to the crisis, Hasbro has no plans to make layoffs at the moment. Goldner said that the team will play an important role in delivering the high demand of products. The company is to report on its financial trends of the first quarter late in April.
Hasbro shares were hit hard by the coronavirus outbreak from late January and early February, as the virus was gaining ground outside China. As a result, the shares nosedived over 50% just like all the other stocks on the market. Since mid-2017, the shares have been horizontally trading on a channel until the sudden free fall. All the gains that had been accumulated previously have been wiped out from investors’ portfolios.
However, after the positive news from CEO Goldner, investors can now afford a smile as the shares might have hit the lows and a rise is on the cards. As the company sells more toys and games, well, it shows coronavirus might in the end help families bond much better than before.
Abbott Laboratories gets FDA approval on its coronavirus test m2000 RealTime System, which takes a 5-minute minimum to get the results. ABT stock rose nearly 2% after hours to trade around $76 though on Monday its price was $62.
Dow Jones started the day with losing 1,058 points, or 4.7%. The S&P 500 was down 4% and the Nasdaq was 3.87% lower. Alphabet (GOOGL) stock is in the red as well.
Currently, the United States has more confirmed cases than Italy and China but President Trump wants to open up the country in order to see business operations returning to normalcy.