Jakks Pacific Slumps on News of Lower Profit

Shares in Malibu-based Jakks Pacific Inc. fell 11%, one day after company executives surprised investors by announcing sharply lower profit, losing $1.41 to close at $11.28 on Nasdaq.

On Tuesday, the toy maker reported net income for the quarter ended June 30 of $3.2 million, or 13 cents a share, including one-time charges, down from $7.8 million, or 36 cents, a year earlier.