Tags: Etch | Sketch | Ohio | Romney

Shares of Etch-A-Sketch Maker Ohio Art Triples After Romney Aide’s Mention

Thursday, 22 Mar 2012 12:13 PM

Ohio Art Co. surged based on one trade after its Etch-A-Sketch drawing toy became a metaphor for Republican Mitt Romney’s presidential campaign.

The thinly traded toymaker more than tripled to $12.50 on one transaction of 500 shares at 10:41 a.m. in New York on the over-the-counter market. It was the biggest intraday move for the shares since at least 1980, according to data compiled by Bloomberg.

Romney aide Eric Fehrnstrom was asked on CNN whether he is concerned that the candidate might be forced by Republican opponents to take extreme positions during the primary that could alienate moderates in a race against President Barack Obama.

“You hit a reset button for the fall campaign,” Fehrnstrom said. “Everything changes. It’s almost like an Etch-A-Sketch. You can kind of shake it up, and we start all over again.”

Romney’s rivals said it illustrates the candidate’s tendency to vacillate on issues.

Ohio Art, based in Bryan, Ohio, began selling the toy in 1960, and it was its best-selling product until last year. The company has 369,000 shares available to the public, data compiled by Bloomberg show.

© Copyright 2017 Bloomberg News. All rights reserved.

1Like our page
2Share
183
2012-13-22
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved