Why Genius Brands Stock Soared Today
After shedding more than 20% of their value on Thursday, shares of Genius Brands International (NASDAQ: GNUS) rebounded on Friday. By the close of trading, Genius Brands' stock was up 20.6% after surging as much as 39% earlier in the day.
The sharp upward move in Genius Brands' stock may have been driven by a press release that the kids' entertainment company issued on Friday touting the upcoming launch of its new Kartoon Channel! The ad-supported digital network is scheduled to go live on Monday, June 15. It will be "100% free" and "available to all," according to CEO Andy Heyward.
"We serve a very special audience and our role is not just to entertain, but whenever possible to enrich the young viewers with programs from which they can come away smarter," Heyward said.
Source Fool.com
