Hasbro (HAS.US) stock plunged today despite the fact that company reported better than expected quarterly results. Toy maker earned $1.88 per share on revenue of $1.78 billion while analysts' were expected earnings of $1.63 per share on revenue of $1.74 billion. E-commerce revenue jumped 50%. Revenue in the U.S. and Canada climbed 9%, although international sales missed expectations. However, overall sales declined 4% year over year. Furthermore weak performance of the TV, film and entertainment division, whose revenues decreased by 32%, also dragged the stock down.
Hasbro (HAS.US) stock launched today's session with a bearish price gap and that the downward move is being continued. Price is approaching major support at $81.80 which is additionally strengthened by 50 SMA (green line). Should sellers manage to break below, then another downward impulse could be launched. The nearest support for buyers lies at the upward trendline that also coincides with 200 SMA (red line). Source: xStation5