Etch A Sketch Retraces (Update 1)
NEW YORK (TheStreet) -- Shares of Ohio Art (OART.PK) retreated Friday, a day after the Etch A Sketch toy maker roared 141% in conjunction with a Romney campaign gaffe.
Shares of the toy maker dived to $6.90, down $2.75, or 28.5%, as the stock gave back a chunk of the gains it made during Thursday's trading.
Ohio Art shares gained Thursday to $9.65, up $5.65, or 141.3% with volume of 800, but the sharp Friday downturn was trading volume of 5,131 -- well above its 1,727 average.
Etch A Sketch sales continued to soar Friday as Amazon(AMZN) sales of the 1960 classic jumped 274%, a day after sales skyrocketed more than 3,000% on Amazon.
The Etch A Sketch gaffe came from a Romney senior adviser, Eric Fehrnstrom, who argued that Romney wouldn't suffer among moderate voters in the general election by tacking too far right in the primary.
"Well, I think you hit a reset button for the fall campaign, everything changes," Fehrnstrom said Wednesday. "It's almost like an Etch A Sketch; you can kind of shake it up and we start all over again."
The stock, which trades on the Pink Sheets, was trading as low as $4 a share on Friday, down 58.5%, before climbing back above $8 at 10 a.m. and setted at $6.90 during late-session trading.
Ohio Art has sold the Toy Hall of Fame Etch A Sketch since 1960 and also offers Pocket Etch A Sketch, which on Friday jumped 154% in sales on amazon.com.
Enthusiasts can buy a digital version of the classic toy in Apple's(AAPL) App Store for $2.99.
-- Written by Joe Deaux in New York.
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