Potential toy mega merger
Hasbro (HAS) has reportedly offered to buy Mattel (MAT), according to the Wall Street Journal. The potential deal would combine the two largest US toymakers. Shares of Mattel jumped on the news, surging about 22% at the open. Terms of the deal have not yet been disclosed. Mattel was last trading at $17.44 a share, while Hasbro was up 7.7% at $98.49 a share.
Qualcomm rejects Broadcom’s billion takeover bid
Qualcomm’s (QCOM) board unanimously rejected Broadcom’s (AVGO) unsolicited takeover bid, saying it “significantly undervalues” the company. In a statement, CEO Steve Mollenkopf said, “No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry. We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G.” Qualcomm shares were last trading up 1.3% at $65.39 a share.
Walmart reportedly charging more online
Walmart (WMT) is reportedly hiking prices of some of its online products in an effort to boost store traffic, according to a report by the Wall Street Journal. This marks a strategy shift by the retail giant, who has been slashing prices to better compete with rival Amazon (AMZN). Walmart’s stock is hovering just below it’s all time high, trading up 0.9% at $91.75 a share.
GE cuts dividend as it looks to streamline business
General Electric (GE) is cutting its dividend in half as it looks to turnaround its business. CEO John Flannery laid out the company’s strategy going forward, which includes trimming the size of its board of directors from 18 to 12 members next year. General Electric has lost a third of its value so far this year. The stock is down about 38% since January 1.