Check out the bearish view on the U.S. toy industry.

The spate of highly publicized toy recalls this year and economic concerns are causing a slow start to the holiday shopping season, Gerrick Johnson, analyst at BMO Capital markets, said.

So he cut his rating on the toy industry to “underperform” from “overperform.”

He’s not the only one voicing concern. So are people in the industry itself.

“We will see some softness this year … The recall cloud I don’t think will blow over altogether,” said Soren Torp Laursen, president of Lego Americas, at a preseason toy show Tuesday.

Still, Gerald Storch, chief executive at Toys “R” Us , sounded more optimistic, with mothers coming to the rescue.

“Mom is going to buy presents for her kids in good economies and bad economies,” he said at the show. “Toys always sell, especially hot toys.”

Also in the basket:

Wal-Mart era wanes amid big shift in retail (WSJ)

Counterfeiters manufacturing domestically after crackdown on imports (WWD)

Panera Bread same-store sales rise, P.F. Chang’s fall

Wolverine World Wide 3rd-quarter profit up 13 pct

Luxottica CEO not worried about Q3