Hasbro shares fell 5% despite strong earnings

Hasbro (HAS.US) stock fell 5% even despite the fact that the company posted better than expected quarterly results. Toymaker reported quarterly earnings of $1.27 per share, exceeding analysts’ estimates of $1.14 per share. Company's revenue came in $1.72 billion above market estimates of $1.69 billion as the pandemic boosted demand for its board games and "Magic: The Gathering" collectible cards. Hasbro managed to beat consensus revenue estimates two times over the last four quarters. Company’s CEO Brian Goldner said, "They [Hasbro team] found ways to reach the global consumer despite retail closures throughout the year, delivering over $1 billion in ecommerce revenues for the first time. We leveraged our global supply chain capabilities and our evolving geographic manufacturing supplier base to get products made and distributed. " The company plans to unveil additional information about its future plans at a virtual investor event to be held on Feb. 25.

Hasbro (HAS.US) stock fell more than 5% after the opening bell, however sellers failed to break below the lower limit of the ascending channel, which is additionally strengthened by 50 SMA ( green line), and now the buyers are trying to recover. The nearest resistance to watch lies at $98.50. However, should a break below the trendline occur, downward move may accelerate towards support at $89.92 or even $84.65. Source: xStation5