Romney Camp Etch A Sketch Gaffe a Winner for Ohio Art Stock (Update 2)

Updated from 2:03 p.m. with closing price and 3,000% rise in Amazon sales.

NEW YORK ( TheStreet) -- Shares of Ohio Art (OART.PK) roared Thursday, a day after Mitt Romney's senior adviser made a gaffe with a reference to the toy maker's Etch A Sketch.

Shares of Ohio Art closed at $9.65, up $5.65, or 141.3% as news of adviser Eric Fehrnstrom's gaffe continued to spread across major news organizations Thursday.

"We feel our stock has gone up over the past 24 hours due to an increase in consumer exposure and an anticipated increase in product sales," Martin Killgallon, an Ohio Art senior vice president, wrote in an email. "While it is still too early to tell what type of spike the product will achieve, we're confident we will see a spike in Etch a Sketch sales."

Indeed, Etch A Sketch spiked 3,098% on Amazon ( AMZN), as it became the No. 1 mover and shaker for Toys & Games sales on amazon.com. The hall of fame toy jumped Thursday to No. 59 in sales in the category from No. 1,887.

Fehrnstrom made the comment on CNN as he 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 high as $12.50 a share on Thursday before it dropped below $10 at noon.

Ohio Art has sold the famous Etch A Sketch toy since 1960 and has capitalized on the app market with the product by offering a version for Apple's ( AAPL) iOS devices at $1.99.

The toy manufacturer is also known for sales of its nanoblock and Clics products.

-- Written by Joe Deaux in New York

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