Why Genius Brands Stock Is Dropping Today
Shares of Genius Brands International (NASDAQ: GNUS) plummeted on Tuesday, continuing their brutal downward slide in recent days. As of 2:35 p.m. EDT, Genius Brands' stock was down more than 17%.
It's been a wild ride for Genius Brands' investors in 2020. By June 3, the children's entertainment company's stock price had soared a staggering 2,800%. Since that time, however, shares have shed nearly half their value.
Genius Brands has become a battleground stock. Bulls point to the upcoming launch of the company's new free, ad-supported digital service, the Kartoon Channel!, which is scheduled to go live on June 15. They highlight Genius Brands' toy deal with Mattel for its Rainbow Rangers series, which is slated to be in Walmart stores by August. And they note that Genius Brands recently brought on some top-tier talent in Margaret Loesch -- the former founding president and CEO of Fox Kids Networks Worldwide who will serve as Executive Chairman of Kartoon Channel! -- and David Neuman, the former president of Walt Disney Television, who will serve as chief creative officer.
Source Fool.com
