(Bloomberg) -- Mattel Inc. shares received another blow after Spin Master Corp. announced late Friday that it signed a three-year global agreement with Warner Bros. to be the new licensee for certain DC Comics products, including boys’ action toys.

Goldman Sachs analyst Michael Ng cut his estimates on Mattel, which was the “incumbent” on the DC Comics contract. It appears Mattel will be keeping some of its licensing rights, including for preschool and girls’ toys, Ng said in a note to clients. He expects Mattel to aggressively pursue new licenses, noting that Hasbro Inc.’s licenses to Marvel and Star Wars toys expire in 2020.

In the meantime, investors may be watching the box office, where this weekend’s top performers included Warner Bros. “Aquaman,” based on the DC Comics character, and Hasbro’s new Transformer film, “Bumblebee.” The two movies helped propel the weekend receipts to the highest grossing level in a month. Aquaman was the top performer.

Mattel shares, which are already trading at an 18-year low, dropped another 2.5 percent on Monday in New York. The stock’s year-to-day loss currently stands at 39 percent versus the S&P 500 Index’s drop of 10 percent.

To contact the reporter on this story: Janet Freund in New York at jfreund11@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Brad Olesen

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