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China hit back after Mattel's massive toy recall on Monday, saying designers and importers should also take responsibility for product safety, but promised to punish its own manufacturers who flout standards.
Mattel said it was recalling some models of Polly Pocket, Batman, Barbie and other Chinese-made toys from Asian markets as part of a major worldwide exercise to remove the toys from shelves because of lead paint and tiny magnets that could be swallowed.
Stocks closed sharply lower, with the Dow dropping more than 200 points, amid continuing anxiety about the credit markets and a weak earnings outlook from Wal-Mart. "I still feel the market is headed for a lower low," said Byron Wien, chief market strategist at Pequot Capital Management.
Mattel Chairman and Chief Executive Robert Eckert said the toy maker will continue to use Chinese manufacturers in the wake of a second safety recall, citing increased oversight the company has put in place to monitor manufacturers outside the U.S.
Stocks start the week on firmer ground after central bankers once again pumped cash into the markets, injecting confidence and liquidity. Stock markets around the globe gained, and U.S. stock futures are higher.
The boss of a Chinese toy manufacturing company involved in a Mattel recall after its products were found to contain excessive lead levels has hanged himself, Chinese media reported on Monday.
Mattel has named the Chinese factory involved in the company's recall of 1.5 million toys that contained lead paint, The Wall Street Journal reported on its Web site Tuesday evening.
Stocks closed higher as investors were encouraged by strong earnings reports despite lingering subprime concerns. "There wasn't much negative news today from the subprime market and people still want to buy the market," said Todd Leone of Cowen. "We were way oversold and I think you have some people putting money to work."
In a CNBC interview, Robert Eckert, chairman and chief executive of Mattel, said the company has taken "several immediate steps" to prevent any future incident like the recall of Chinese-made toys, yanked because of fears of lead-paint tainting.
China fears alarm over product safety could stoke trade protectionism, a senior official told visiting U.S. officials as a massive toy recall threatened to intensify consumer worry about the "made in China" brand.
Toy-maker Fisher-Price is recalling 83 types of toys - including the popular Big Bird, Elmo, Dora and Diego characters - because their paint contains excessive amounts of lead.
Earnings reports have been trickling in for the past week, and two analysts have predictions for which companies and sectors will perform well next quarter. Jeff Macke, of CNBC's Fast Money, thinks Hasbro, maker of games, puzzles, and electronic toys, is an investment, not a trade. "This is the peak for them. They did real strong orders on Transformers, and they've done great on Spider-Man," Macke said on "Power Lunch," naming two movies released this summer.
Investors picked up where they left off a week ago, as stock prices hurtled to new highs with the Dow Industrials setting another milestone, but a Friday selloff kind of spoiled the mood.
The Dow Jones Industrial Average closed at a new record high, even as renewed worries about a subprime spillover dragged on the broader market. "I think everything's going really well," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "We think the market is being driven mostly by full employment, low interest rates, low inflation and a reasonably good economy."
Mattel, the largest U.S. toy maker, said Monday second-quarter profit rose 15%, helped by strong sales of its Wheels toys and Barbie dolls abroad.
Infosys, Disney, Monster and more...Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Hasbro Monday posted a profit that trounced expectations, on strong sales of Spiderman toys and its Littlest Pet Shop and Playskool brands.
Here's a look at the contest stocks making news. Earnings boosted Jos A Bank to one of the best performing stocks--as the clothing store chain saw its income rise from a year ago. Also on the best performing list--East West Bancorp. We noted earlier that this stock pushed Serge Amelayn into the current top spot on the leaderboard. Here ya go:
Celeb and champion poker player Chris Moneymaker widens his lead in first place to almost $60K with the smart bet on Rio Narcea Mines which was up 3.33%, and Garson lost on Mattel which was down 0.85%. AND--maybe more importantly-- Hall of Fame catcher Johnny Bench moves up two more spots from 8th to 6th on gains in American Oriental Bioengineering and CKX . Go, Johnny go!
World champ poker player Chris Moneymaker retains his lead in Trading With The Stars--though actor Willie Garson climbed back into second. Only about $10,000 separates the two. The balance between the two will hang on Monday's (today's) performance of Moneymaker's purchase of Rio Narcea Mines and Willie's buy of Mattel. AND Johnny Bench fought his way...