Skane, all I can tell you is that the fact that UTEK didn't get it tells me this market will probably turn around and take a nose dive sooner than we think. Did you see MAT? they will need to recall millions of expensive large toys and the stock went up over a buck!
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Thursday October 22, 6:51 pm Eastern Time
CORRECTED - Fisher-Price recalls battery-run cars-paper
In WASHINGTON item headlined ''Fisher-Price recalls battery-run cars-paper'' please read in first paragraph ... Thursday's Washington Post reported ... instead of Monday's Washington Post reported ... correcting day.
A corrected repeat follows:
WASHINGT0N, Oct 22 (Reuters) - Toymaker Fisher-Price has agreed to recall and repair up to 10 million battery-powered children's cars and trucks because they pose a serious fire risk, Thursday's Washington Post reported.
The Post said the Consumer Product Safety Commission would announce Thursday the recall of Power Wheels cars by Fisher-Price, which it says will be one of the nation's largest toy recalls.
The cars, which children ride and can go as fast as 5 mph, have been sold since 1984. Mattel Inc (NYSE:MAT - news)., Fisher-Price's parent company, is taking voluntary action to correct the problem, the Post said.
The CPSC has received 150 reports of fires, including fires started while cars are parked in garages, playrooms and closets, resulting in minor burns to nine children and $300,000 in property damage to 22 homes and garages, the Post said. The agency also received another 700 reports of electrical components failing or overheating, causing smoke or melted parts as a result of problems with electrical components.
The problem is ''a very serious defect that needs to be tended to right away,'' the Post quoted CPSC chairman Ann Brown. ''This is a fire waiting to happen in your home.''
The CPSC, which first learned about the safety hazards in late 1996, estimates the recall will cost Fisher-Price at least $30 million, the Post reported.
Mattel is due to release its third-quarter earnings figures Thursday.
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