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Industrials : Air Freight & Logistics | Large Cap Value
Company profile

FedEx Corporation provides a portfolio of transportation, e-commerce and business services through companies competing collectively and operating independently, under the FedEx brand. The Company's segments include FedEx Express, FedEx Ground, FedEx Freight and FedEx Services. The FedEx Express segment offers a range of United States domestic and international shipping services for delivery of packages and freight. The FedEx Ground segment provides small-package ground delivery services, which includes day-certain service to any business address in the United States and Canada, as well as residential delivery services through its FedEx Home Delivery service. The FedEx Freight segment offers less-than-truckload (LTL) freight services. The FedEx Services segment provides sales, marketing, information technology, communications, customer service, technical support, billing and collection services, and certain back-office functions that support the Company's operating segments.

Premarket

Last Trade
Delayed
$212.25
-2.42 (-1.13%)
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Market Hours

Closing Price
$214.67
Day's Change
0.00 (0.00%)
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Day's Low
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Volume
(Light)
Volume:
5

10-day average volume:
2,167,992
5

Hasbro is making too many 'Magic: The Gathering' cards, analyst says in downgrading stock

8:40 am ET November 15, 2022 (MarketWatch)
Print

By Bill Peters

'Overprinting Magic destroys its long-term value,' BofA analysts say; stock is worst performer in S&P 500 today

An oversupply of Hasbro Inc.'s "Magic: The Gathering" cards is hurting the ecosystem for the fantasy trading-card game, "destroying the long-term value of the brand" and threatening sales, BofA analysts said in downgrading the stock on Monday.

Shares of the toymaker slid 9.2% during regular trading, putting the stock on pace for its biggest percentage decline since Oct. 26, 2020. Hasbro (HAS) was Monday's worst performer in the S&P 500 Index.

Analysts at BofA downgraded Hasbro to the equivalent of "sell" from "buy." They said card prices for "Magic" were falling after the company flooded the market with new releases. Big retailers were pulling back on orders, game stores were losing money on the game, and collectors were trying to offload their cards, the analysts said.

"We've spoken with several players, collectors, distributors and local games stores and have become aware of growing frustration," BofA analysts said in the note. "The primary concern is that Hasbro has been overproducing Magic cards, which has propped up Hasbro's recent results but is destroying the long-term value of the brand."

"Magic: The Gathering" makes up around 15% of Hasbro's sales, the analysts said. Sales of the game doubled over the pandemic, driving up card prices on the secondary market. But after Hasbro tried to meet that enthusiasm with more set releases, players have struggled to keep up, BofA said, leading them to revert to a format that allows them to use older cards.

"The increased supply has crashed secondary market prices which has caused distributors, collectors and local game stores to lose money on Magic. As a result, we expect they'll order less product in future releases," the BofA analysts said.

"Seven of the last eight major Magic releases have declined in value, and Hasbro continues to reprint its most successful sets, driving prices down further," they continued. "Our store checks have also found that many national retailers are cutting Magic, and those that continue to carry it are heavy with aged inventory."

The analysts said sales growth for the game has been spurred by more frequent set releases. Audience growth, they said, hasn't kept up.

Out of 10 analysts tracked by FactSet, seven have a buy rating on Hasbro. Three have a hold rating.

Hasbro stock has fallen 44% so far this year. The S&P 500 Index is down 14% over that time.

-Bill Peters

	

(END) Dow Jones Newswires

November 15, 2022 08:40 ET (13:40 GMT)

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