Etch A Sketch owner Ohio Art’s stock soars after Mitt Romney flub
Mitt Romney probably never wants to see another Etch A Sketch, but investors don’t feel that way: The toy that caused a campaign faux pas Wednesday led the stock of its owner, Ohio Art Co., to more than double.
Granted, that’s with thin trading volume on the over-the-counter market. The 141% jump pushed the value up $5.65 to close at $9.65 a share.
What’s bad news for Eric Fehrnstrom -- the Romney senior aide who, on Wednesday, likened his boss’ policy strategy to the Etch A Sketch’s ever-changing chameleon ways, and on CNN no less -- is great news for Ohio Art.
The 52-year-old plastic tablet, on which users draw images using knobs and then erase the sketches with a shake, probably hasn’t had this much excitement in a while. The toy is a relic when compared with the high-tech contraptions -- smartphone-compatible quadricopters, anyone? -- now available for children.
[Updated at 3:40 p.m.: Amazon.com sales of the Etch A Sketch, which runs for $12.99 for a standard version, jumped 1,500% since Fehrnstrom’s comment, said Ohio Art spokeswoman Nicole Gresh. The company also sells Nanoblock building blocks, which Gresh said have been just as successful as Etch A Sketch since they were launched last year.]
But Fehrnstrom seems to have moved on, writing on Twitter: “Etch A Sketch stock is up? Psst, I’ll mention Mr. Potato Head next. Buy Hasbro.”
Ohio Art, alas, does not have a Twitter handle.
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