July 19, 2010
In the 1920's the Hassenfeld brothers, Henry and Helal, started a textile remnant business in Pawtucket, Rhode Island. By 1952 they were making toys and brought out their first hit: Mr. Potato Head. Last year, Hasbro Inc produced $4 billion of toys and games (many of which have been optioned by Universal Pictures) including such favorites as Monopoly, GI Joe, and My Little Pony. Today's earnings report from Hasbro sees a profit of $43 million, well above what Wall Street had expected. Perhaps yet another sign of a slowly recovering economy.
Look for more earnings reports today from tech companies like IBM and later this week from large investment firms like Goldman Sachs. With markets set to rise this morning after Friday's drop, traders will be trying to read the earnings tea leaves for a sense of direction. Long-term investors are content to observe while taking the long view.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).