The markets were lower today for the first time in over a week. The Dow 30 sold off 48, but the S&P 500 was off by 9, and the Nasdaq 100 headed lower by 42. This is the heaviest week of earnings announcements which continue to demand the attention of investors. Tomorrow's scheduled news includes manufacturing and services numbers which don't usually have much of a market effect.
Hasbro (NYSE: HAS) was a big loser today, sliding 8.60% despite the toy maker beating estimates for third quarter earnings expectations. Analysts, and investors focused in on the company warning that the Toys 'R' Us bankruptcy could hit holiday sales. The adjustment means analysts now expect fourth quarter revenues to "increase in a range of 4% to 7%." Previously analysts had foretasted growth of 11%. Shares moved sharply lower today, breaking down out of a 2 month range. For now shares are still higher on the year by about 14%.
T-Mobile (NASDAQ: TMUS) was higher by 1.67% today as it was reported that the company and Sprint (NYSE: S) are still negotiating and may reach an agreement by mid November. Previously, analysts had expected a deal to be announced during their earnings results this month. T-Mobile released their earnings today that beat profit expectations and issued strong full-year guidance, but made no mention of a merger. Shares are higher on the year by around 6%.
AT&T (NYSE: T) made headlines today as well for their merger with Time Warner (NYSE: TWX). The company announced that they "have extended the deadline for a short period of time" as the companies wait for regulatory approval for their pending $85 billion merger. AT&T was mum on how long the extension was for but said that it still expects the transaction to close by the end of the year. Shares remain at yearly lows pending the news.