Stocks were mixed on Friday, Feb. 8, as investors increasingly grew concerned that Donald Trump's decision not to meet with Chinese President Xi Jinping before their self-imposed deadline for a trade deal signals a lack of progress in the months-long negotiations.
Trump told reporters in the White House that he has no plans to meet Xi between now and March 2, when his administration has vowed to increase tariffs on $200 billion worth of China-made goods to 25% from 10% if a trade deal isn't in place. Trump's brief comments suggested talks, which resume next week in Beijing with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, remain stuck on key issues such as China's broader market reforms and intellectual property protections.
The Dow Jones Industrial Average closed down 0.25%, or 63 points to 25,106, the S&P 500 rose 0.07%, and the Nasdaq gained 0.14%.
Stocks fell on Thursday after White House adviser Larry Kudlow said there was a "pretty sizable distance" between the U.S. and China regarding a trade deal, and after GDP forecasts were slashed by both the European Commission and the Bank of England, ratcheting up worries about global growth.
The company posted adjusted profit of 4 cents a share, beating analysts' projections that called for a loss of 16 cents a share. Revenue in the quarter was $1.52 billion, higher than estimates of $1.44 billion.
Mattel said sales of Barbie surged 15% from the same period last year as one of the world's most-recognized toys continued to benefit from a make-over that reflects the growing diversity of its customer base.
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Hasbro said adjusted earnings were $1.33 a share, down 42% from the same period last year and well shy of the Wall Street consensus of $1.67. Revenue fell 13% to $1.39 billion and missed the consensus forecast of $1.52 billion.
"2018 was a very disruptive year, driven by the bankruptcy and liquidation of Toys 'R' Us across most of the world and a rapidly shifting consumer and retail landscape," said CEO Brian Goldner. "During 2018, we diversified our retailer base, meaningfully lowered retailer inventories and delivered innovative new offerings to our global consumers."
Following the miss, Hasbro shares fell 0.95%.
Skechers reported earnings of 31 cents a share, swinging from a year-earlier loss of 43 cents. Analysts expected earnings of 23 cents. Sales jumped 11.4% to just more than $1.08 billion, thanks to an 18.4% gain for its international wholesale business, while gross margins improved by nearly 100 basis points to 47.7%.
Arconic Inc. (ARNC) - Get Report on Friday said it plans to split the company into two core businesses - an aircraft and power generation components unit, and a sheet and plate products division - with the intention of spinning off one of them down the road. The stock fell 3.22%.