Mattel rises amid possible Hasbro interest
The major U.S. stock indexes capped a day of mostly subdued trading, with slight gains Monday.
Consumer and household goods companies led the market higher, offsetting losses by industrial and energy stocks.
Mattel soared nearly 21 percent after a report that Hasbro offered to buy the rival toymaker.
General Electric slumped about 7 percent after cutting its dividend and releasing a weak forecast for next year.
Gains in consumer stocks and utilities suggest that investors were looking for yield, said Lindsey Bell, investment strategist at CFRA Research.
“They’re maybe showing a little bit of skepticism in the bull market that’s more than eight years old,” she said. “Maybe they’re feeling a little bit squeamish after last week.”
The stock market snapped an eight-week string of gains last week.
Mattel jumped 20.7 percent after a report that Hasbro made an offer to buy the company. Mattel was the biggest gainer in the S&P 500, climbing $3.02 to $17.64. Hasbro added $5.38, or 5.9 percent, to $96.83.
Hasbro and Mattel declined to comment.
Mall owner GGP jumped 8.3 percent after Brookfield Property Partners offered to buy the rest of the company for $14 billion, or $23 a share.
Tyson Foods rose 2 percent after the meat producer posted a larger profit and greater sales than analysts had expected.