Diamonds and Dogs
Thank you Oprah! Oprah is expanding her power and reach to Wall Street. Today's diamond is Weight Watchers (WTW) up 105% on news Oprah Winfrey took a 10% stake in the firm which comes with a seat on the board of directors. Oprah, who has been frank about her struggles with weight loss, bought newly issued shares representing 10 per cent of the group's outstanding stock at $6.79 apiece, for $43.2 million. With the stock closing at $13.92 a share, Oprah netted a cool $43 million one day profit. A pretty good one day return even for a billionaire.
The force is not with Hasbro (HAS). The stock fell 7% today after its third-quarter sales narrowly missed analysts' forecasts, despite strong revenues from boys' toys ahead of the launch of the latest Star Wars film. Hasbro, which has outperformed its larger rival Mattel this year, reported a 24 per cent increase in revenues from its boys segment to $593m, thanks to a strong start to sales of toys linked to Star Wars: Episode VII The Force Awakens, the Walt Disney film which premieres in mid-December and has a new trailer tonight. Let's hope for a better fourth quarter.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.