Orlando, FL 12/19/11 (StreetBeat) --Jakks Pacific Inc's (Nasdaq: JAKK) shares slumped to their lowest levels in over 16 months, after the toymaker slashed its full-year outlook late on Friday, citing disappointing sales at the start of the holiday season.Shares of the company -- which makes toys under brands such as Pokemon, Hello Kitty and The Smurfs -- were trading down as much as 21 percent at $13.67 in Monday morning trade on Nasdaq.
"While we are not surprised the company will miss its prior earnings guidance, we do believe the magnitude of the miss is dramatic and shocking," BMO Capital Market analyst Gerrick Johnson wrote in a client note.
Jakks' new products, including the I Am TPain Microphone, BIG Hands and the Max Force line of toy blasters, were unsuccessful in the market, Johnson said.
On Friday, Jakks had forecast full-year adjusted earnings of 37-40 cents a share, on sales of $660 million, well below its earlier forecast of $1.32-$1.35 a share on sales of $770-$775 million.
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