Diamonds and Dogs
Seagate's (STX) having a good day. The electronic storage maker is up 11% to a three month high following better than expected earnings. The company beat by 10 cents even as revenues fell 5.9% year over year to $2.63 billion. Seagate's chief was upbeat about a deal with Toshiba to obtain NAND flash chips to expand their disk-drives to solid-state drives. Board of Directors of the Company approved a quarterly cash dividend of $0.63 per share.
Hasbro (HAS) does not look good ahead of the holiday season. The toymaker fell 8% to a nine month low following earnings. The company actually beat estimates, but lowered fourth quarter guidance to revenue of +4-7% to roughly $1.69-1.74 billion verse estimates of $1.81 billion. The bankruptcy of Toys'R'Us weakened Hasbro' s forecasts for the holiday season in otherwise strong third-quarter results. Toys'R'Us left Hasbro exposed to the tune of $60 million in unsecured claims for payment.