MAT Trade on Oct 30, 2019 09:30 from Cklamb: Tradervue User Stock Trades.

MAT
Intraday Fundamentals
• 07:36 AM EDT, 10/30/2019 (MT Newswires) -- US toy manufacturer Mattel's (MAT) shares surged on Wednesday morning after the group reported third-quarter results after markets closed on Tuesday that comfortably beat forecasts and a probe into a whistleblower's complaint ended with the group planning remedial action to strengthen financial reporting.
• Shares were up 20.5% recently after the California-based firm that owns brands such as Fisher-Price and Thomas & Friends rose to $1.48 billion during the three months that ended September 30, from $1.44 billion a year ago, outpacing the $1.44 billion average analyst estimate compiled by Capital IQ.
• Group turnover was up as gross sales in the dolls category increased by 7% at constant currency. Hot Wheels in the vehicles category saw gross sales soar by 27% at a fixed exchange rate. Net sales in the international segment increased by 14%, helping overcome the drag from flat revenue in North America.
• Mattel reported "structural simplification run-rate savings" of $826 million, exceeding its target of $650 million for 2019. The company expects to beat $854 million of run-rate savings by the end of this year.
• In line with stronger sales and a quicker pace of cost-cutting, adjusted earnings of $0.26 per share came in higher than $0.18 a share a year earlier, comfortably beating the $0.19 consensus.
• "Our performance demonstrates the continued momentum of our multi-year turnaround and consistent progress in transforming Mattel into an Intellectual Property-driven toy company," Chief Executive Officer Ynon Kreiz said. "We are executing very well on our strategy to restore profitability, delivering the fifth consecutive quarter where we achieved improvements in reported operating income, gross margin, and earnings per share."
• Separately, the firm said its board has completed an independent probe into allegations made by a whistleblower. While the probe found certain material weaknesses in internal control over financial reporting, an audit committee concluded that the "objectivity and impartiality of Mattel's outside auditor has not been impaired and that Mattel's outside auditor can continue as its independent auditor."
• The company is planning to take remedial actions, including the amendment of its 2018 Form 10-K to restate the last two quarters of 2017, and the strengthening of its internal control over financial reporting.
• Separately, Mattel said Chief Financial Officer Joseph Euteneuer will leave the company after a transition period of up to six months. A search for his replacement has begun, it added.
Technicals
ADV 4.4 M RVOL 1.5 ATR .48 BETA 1.66 Short 20%

Daily

Hourly

Intraday

Trading Strategy
• Long bias
• It seems to be setting up for a possible opening drive as well.
• Trading this at the opening, watch the tape and the price action, if it pulls into 12.40 take a larger opening scalp.
• If it pushes past 13.05, take a smaller scalp stopping out at 12.79 and wait for the test of 12.40 for a long
• VWAP plays, and SMA momentum setups
Reading the Tape

This was a tough read for the spread that it had on such a low price in play stock. I saw a lot of help at .35 when I was trying to long this of the level I hah at 12.40
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