Why Funko Stock Popped on Tuesday
Shares of Funko (NASDAQ: FNKO) surged sharply higher Tuesday, jumping as much as 12.5%. As of 2:12 p.m. ET, the stock was still up 11.5%.
The catalyst that sent the pop-culture toymaker higher was an expanded agreement with the nation's largest retailer, an innovative product line, and a hit movie driving additional sales.
Funko's incoming CEO, Andrew Perlmutter, revealed the company's inventive new product in an interview with Yahoo! Finance. Popsies -- which will initially be available exclusively at Walmart -- are "3D figural greetings," meant as an alternative to traditional greeting cards, according to Perlmutter. Pressing a button on the collectible figure reveals a hidden message that can subsequently be tucked away. Popsies will retail for $6.98, a price point similar to greeting cards, and will hit shelves the day after Christmas.
Source Fool.com
