Why the Stock Price of the Company Behind Play-Doh and Transformers Toys Soared

Key TakeawaysHasbro shares jumped nearly 12% on Wednesday after the toymaker beat profit and sales forecasts as it slashed inventory and got a lift from sales of digital games.The maker of Transformers action figures, My Little Pony dolls and Play-Doh slashed its inventory by 53%, with a 57% cut in inventory at its Consumer Products Segment.Revenue from Hasbro's Wizards of the Coast and Digital Gaming Segment rose 7% on demand for "Baldur's Gate 3" and "Monopoly Go!." Hasbro (HAS) shares skyrocketed nearly ...