Mattel (MAT), which is an American multinational toy manufacturing company, was the S&P 500’s second-best performer on April 23. After declining for four consecutive trading days, Mattel opened lower on Monday, regained strength, and moved higher as the day progressed.
The market sentiment on Mattel was weak amid the release of Hasbro’s (HAS) disappointing earnings report. According to management, Hasbro’s revenues are almost $100 million lower than the forecast, which dented the sentiment. The bankruptcy of Toys “R” Us also weighed on Hasbro’s earnings report. The sentiment improved after Mattel’s management announced that the revenue declines will be over by 1H18, which increased the hopes of a sales recovery sooner than expected. Hasbro’s management said that there won’t be more material expenses from the bankruptcy of Toys “R” Us, which boosted the market sentiment.
On April 23, Mattel gained 6.3 % and closed the day at $13.78.
Hanesbrands (HBI), which manufactures and markets leading and basic everyday apparel, was among the S&P 500’s top performers on April 23. After declining for two consecutive trading weeks, Hanesbrands started this week on a stronger note. Hanesbrands opened higher on Monday and ended the day at elevated levels.
The buying pressure in Hanesbrands increased on Monday following an upgrade. Analysts at Stifel upgraded Hanesbrands from “hold” to “buy.” For Hanesbrands, the Champion brand helped the company aggressively enter the athletic and lifestyle segments. On April 23, Hanesbrands gained 5.9% and closed the day at $18.22.
Mattel and Hanesbrands are part of the S&P 500 Consumer Discretionary sector, which gained 0.22% on Monday.