Mattel’s Fisher-Price to recall 10 million products
Fisher-Price, a unit of toymaker Mattel Inc. said Thursday that it will recall about 10 million toys and other items in the United States and Canada due to the potential for serious injuries.
Mattel’s shares fell on the announcement that the products, including Little People Wheelies Stand ‘n Play Rampway, Fisher-Price tricycle models, Healthy Care, Easy Clean and Close to Me high chairs and various infant toys with inflatable balls, were recalled after some injuries, including lacerations and choking hazards, were reported.
The shares recovered their losses briefly, but at mid-morning were down about 13 cents, or 0.55%, at $23.42 on the Nasdaq.
“This was a buying opportunity,†said Sterne Agee analyst Margaret Whitfield. “Mattel is going to have a very strong holiday season.â€
The recalls, to be recorded in the third quarter, will hurt full-year earnings by about a penny a share.
The items were sold at mass merchandise retailers in the United States and Canada from September 2001 through September 2010.
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