Shares of “The Ohio Art Company” Skyrocket

Mar 22, 2012
J. Webster
Comments Off on Shares of “The Ohio Art Company” Skyrocket

Shares of The Ohio Art Company rocketed up over 200% after a comment was made about one of their products. Yes, you read that right, over 200%. Shares of OART went from trading for $4 a share to $12.50. This is what happens when someone in a Presidential campaign mentions a product you happen to actually make and then other Presidential hopefuls start to repeat that product name and use it to attack one opponent who’s campaign manager said it. In this case the product that was mentioned was the once beloved and now more or less obsolete, Etch A Sketch.

The thing is though this company doesn’t really even trade on the stock market in a normal way anymore, it’s gone dark as they say. All the shares are being bought out at bid price of around $4 a share. It seems the stock shot up as a mistake on one market buy order of 500 shares.

Here’s the political story behind the Etch A Sketch:

A Wednesday comment on CNN by Eric Fehrnstrom, Romney’s senior campaign adviser, provided top rivals Rick Santorum and Newt Gingrich with new ammunition to attack the former Massachusetts governor over shifting stances on issues such as health care and abortion during his career.

Fehrnstrom said the campaign will “hit a reset button” to take on President Barack Obama in the fall if Romney wins the GOP nomination, adding “it’s almost like an Etch A Sketch — you can kind of shake it up, and we start all over again.”

The comment, in response to a question about whether Romney had to adopt conservative stances in the Republican campaign that could hurt him with moderates in November, brought immediate attacks from Romney’s two main conservative rivals.

A new website unveiled Thursday by the Gingrich campaign features the Fehrnstrom quote above an Etch A Sketch that highlights Romney’s policy shifts when viewers hit a prompt labeled “shake.” Written on the drawing toy is “Mitt’s Etch A Sketch Principles.”

Full story at CNN.

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