Hasbro misses mark on quarterly earnings
Hasbro's second-quarter net income fell 16 percent, hurt by cautious consumer spending and a steep drop in sales of boys' toys. Toy industry sales have been in a slight decline all year, stung by a video game industry slump, shoppers' curtailed spending and increased demand for electronic gadgets such as smartphones and tablets.
Separately, the nation's second-biggest toy maker announced that it is expanding its merchandising relationship with The Walt Disney Co. for properties including Marvel and Star Wars.
Netflix growth up, but shares drop
Despite a growth in revenue and subscribers, streaming-video giant Netflix saw its stock price dip after reporting its financials for the second quarter.
For the quarter that ended June 30, Netflix revenue was $1.069 billion, up 20 percent from $889 million for the first quarter of 2012, but fell short of Wall Street's expectations of $1.072 billion. Quarterly net income rose to $29 million from $6 million.
Netflix shares were down $14.36, or 5.48%, to $247.60 in after-hours trading.
Meanwhile, Netflix subscriptions grew to about 30 million U.S. streaming customers, up from 29.2 million, for a total of 36.3 million worldwide, the company reported.
Analysts had hoped for a larger increase in U.S. streaming subscribers than the reported addition of 630,000.
TODAY
The Allston Board of Trade, the Brighton Board of Trade and the Brighton Allston Improvement Association are co-sponsoring a forum on the candidates for mayor of Boston.
Altria Group, Apple, AT&T Dupont, Radio Shack and UPS report quarterly financial results.
TOMORROW
Commerce Department releases new home sales for June.
Boeing, Caterpillar, Delta Air Lines, Facebook, Ford, Pepsico and Visa report quarterly financial results.
Grossman Marketing Group, a print and promotional products company headquartered in Somerville, has announced the hiring of Heidi Quigley. She joins the Somerville office as a special projects associate. In this role, Quigley will be responsible for marketing collateral development, online marketing, social media management and other related duties.
Foley & Lardner LLP announced that Stuart Fross has joined the firm as partner in the private equity and venture capital practice in the Boston office. Focused on investment management and pooled investment vehicles, Fross brings experience with a wide variety of investment funds including registered open-end, closed-end and exchange-traded funds.
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