Category: Stock Market News

Shares in Mattel Inc. traded 22% higher in premarket action Monday in the wake of a report late Friday that rival toymaker Hasbro Inc. has made a takeover offer. A Wall Street Journal report on Friday revealed Hasbro’s approach to Mattel, saying terms of a potential deal couldn’t be learned. Hasbro’s stock was not yet active in premarket trading.

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Speaking from the Philippines, President Donald Trump on Sunday night teased a “major statement” on trade that he said he’ll make Wednesday in Washington. “A lot of things are happening on trade and I’ll be announcing pretty much what happened here and also with other meetings, including with China, South Korea and lots of other places,” Trump said from Manila, the site of the Association of Southeast Asian Nations summit. “We’ve made some very big steps with respect to trade, far bigger than anything you know,” Trump said, according to pool reports. Trump is winding up a 13-day Asian trip, and made the comments before a meeting with Australia’s Prime Minister Malcolm Turnbull and Japanese Prime Minister Shinzo Abe. Trump did not offer any other details as to what might be announced.

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Costa Rica was rocked by a magnitude 6.5 earthquake Sunday night. The U.S. Geological Survey said the quake was centered just off the Central American country’s Pacific coast near the city of Parrita. The quake was reportedly felt in the capital, San Jose. There were no immediate reports of damage or injuries. Earlier Sunday, a magnitude 7.2 quake struck the Iran-Iraq border, killing more than 140.

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More than 140 people died after a massive earthquake hit Sunday along the Iran-Iraq border, the Associated Press reported. The quake, which the U.S. Geological Survey measured at magnitude 7.2, was centered near the city of Halabja in northern Iraq at hit at 9:18 p.m. local time. Iranian authorities reported late Sunday 140 people were killed and 860 injured across 14 provinces, while Iraqi officials reported at least six deaths and 200 injuries in their country.

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Warner Bros. TV Group has suspended a prominent producer of its popular superhero shows over allegations of sexual harassment. Andrew Kreisberg, co-creator of the CW shows “The Flash,” “Supergirl,” “Arrow” and “DC’s Legends of Tomorrow” harassed and inappropriately touched women over a number of years, according to a report Friday night by Variety. Warner Bros. TV Group, a unit of Time Warner Inc. , said in a statement it is taking the claims seriously and conducting an investigation. The Variety report was based on 19 sources, who remained anonymous out of fear of retaliation. Kreisberg denied the allegations to Variety.

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An embezzlement scheme provided the motive behind the killing of a U.S. Green Beret sergeant at the hands of two Navy SEALs in Mali earlier this year, the Daily Beast reported late Sunday. According to the Daily Beast, Sgt. Logan Melgar discovered that two members of the Navy’s elite SEAL Team 6 were pilfering money from a fund meant to pay anti-terrorism informants in the West African country. The two reportedly offered Melgar a cut, but he declined. Melgar died during an apparent altercation on June 4 at the U.S. Embassy in Bamako. The SEALs claimed he was drunk and died of asphyxiation in a training accident, but an autopsy report found no trace of alcohol in Melgar’s system, the Daily Beast reported. In October, the New York Times first reported that the two SEALs were “persons of interest” in Melgar’s death. No charges have yet been filed.

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Philadelphia Fed President Patrick Harker on Sunday seemed to waiver a bit in his support for another interest rate hike in December. In a speech in Tokyo, Harker said that he has “lightly penciled in” a December move, backing away a bit from the phrase “penciled in” that he had used in in an interview with CNBC last month. In his remarks in Tokyo, Harker called continued low inflation, in the face of the steep decline in the unemployment rate, a “conundrum” for the central bank.

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More than 60 people died after a massive earthquake hit Sunday along the Iran-Iraq border, the Associated Press reported. The quake, which the U.S. Geological Survey measured at magnitude 7.2, was centered near the city of Halabja in northern Iraq at hit at 9:18 p.m. local time. Iranian authorities reported 60 killed and 300 injured across 14 provinces, while Iraqi officials reported six deaths and 200 injuries in their country.

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PayPal Holdings Inc. has suspended its TIO Networks business due to cyber security concerns, the company said late Friday. PayPal said that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program does not meet PayPal’s standards. The PayPal platform is not affected, the company said. “While we apologize for any inconvenience this suspension of services may cause, the security of TIO’s systems and the protection of TIO’s customers are our highest priorities,” the company said in a prepared statement. “We are working with the appropriate authorities to safeguard TIO customers.” PayPal acquired TIO in July of 2017 for $174 million, according to FactSet. The Vancouver, Canada-based TIO operates a bill payment platform. PayPal stock is up a fraction in late trading to $74.05, and has gained 87% this year, with the S&P 500 index rising 15%

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Mattel Inc. shares soared more than 20% in the extended session Friday following a report that Hasbro Inc. was looking to take over the rival toymaker. Mattel shares rallied 21% to $17.75 after hours on heavy volume following a report from The Wall Street Journal that Hasbro made an offer for Mattel, according to sources close to the matter. Shares of Hasbro rose 3.6% to $94.70 after hours. In Friday’s regular session, shares of Mattel closed up 5% at $14.62 for a market cap of $5.03 billion, and shares of Hasbro finished up 3.1% at $91.45 for a cap of $11.39 billion.

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