Funko Inc
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Consumer Discretionary : Distributors | Small Cap Blend
Company profile

Funko, Inc. is a pop culture consumer products company. The Company is engaged in selling a broad range of pop culture consumer products, featuring characters from a range of media and entertainment content, including movies, TV shows, video games, music and sports. Its products fall under figures and other product categories. Its figures category includes figures that celebrate pop culture icons in the form of stylized vinyl, blind-packed miniatures and action figures. It includes brands, such as Pop!, Mystery Minis, and Funko Soda. Its other category is comprised of stylized fashion accessories including bags, backpacks and wallets; apparel; board games; plush products; accessories including keychains, pens and pins; apparel including t-shirts and hats; homewares including drinkware and other home accessories; non-fungible tokens (NFTs) and other. It sells its products through a network of retail customers, including specialty retailers, mass-market retailers, and e-commerce sites.

Postmarket

Last Trade
Delayed
$20.30
0.46 (2.32%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$19.84
Day's Change
-0.13 (-0.65%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
20.79
Day's Low
19.71
Volume
(Average)
Volume:
681,225

10-day average volume:
726,630
681,225

'The one thing I worry about that we don't talk enough about is food,' BlackRock's Larry Fink says

7:33 am ET July 18, 2022 (MarketWatch)
Print

By Clive McKeef

Fink: 'We talk a lot about gasoline prices because that's what affects Americans but the bigger issue is food'

The sharp spikes in oil and metals prices after Russia's invasion of Ukraine have distracted investors from the long-lasting and more dangerous impact of food inflation, BlackRock (BLK) founder Larry Fink warned Saturday.

"The one thing I worry about that we don't talk enough about is food," he told the Financial Times in an interview. "This isn't just an inflation concern. There are also geopolitical concerns that result from this."

The prices of oil, gasoline, fertilizer and agricultural products shot up earlier this year when Western nations imposed sanctions on Russia after its invasion of Ukraine.

Wheat and sunflower oil costs were also hit hard because Ukraine is a major exporter. Oil prices have begun to drop back this week to pre-invasion levels as traders brace for a sharp drop-off in demand, but food price inflation remains high.

See:How to save up to 50% on your grocery bill and reduce food waste

U.S. consumer price index figures for June show that the price of chicken and flour are each up close to 20% from a year earlier and margarine has jumped 34%.

"We talk a lot about gasoline prices because that's what affects Americans, but the bigger issue is food," Fink said.

See:Avoid these food items the next time you go shopping if you want to drastically cut your grocery bill

"There has been tremendous destruction of arable land in Ukraine. ... Globally the cost of fertiliser is up almost 100 per cent and that additional cost is reducing the amount of fertiliser used in farming. That is harming the quality of the crop worldwide," he said.

Although lower crude-oil prices have started to feed through to the price at the pump for motorists, consumer-goods companies are continuing to see high input costs. Any drop in fertilizer prices is likely to come too late to boost this year's food harvests.

The World Bank forecast after the invasion that global food prices would rise 20% this year, far outpacing raw materials.

The impact is particularly grim in Africa, which usually imports grain from Ukraine as well as producing its own food. Fertilizer prices there have risen 300%, and the continent is facing a shortage of 2 million metric tons, according to the African Development Bank.

Janet Yellen, the U.S. Treasury secretary, said on Friday that the world was facing "an extremely difficult time for global food security" and urged the G-20 leading nations to halt stockpiling and export restrictions on food and provide additional financial assistance to countries and people struggling with food insecurity.

See:G20 finance ministers work on tackling inflation and food shortages

Bill Gates, the philanthropist and Microsoft co-founder, flagged similar concerns this week, saying that the reduction in supplies of wheat, edible oils and other foods caused by the war in Ukraine was "driving up food prices, which will increase malnutrition and instability in low-income countries."

He noted in a blog post that improving agricultural productivity in Africa required "far more investment."

Read on:Retirees, here's how you can save money on medicine and groceries

-Clive McKeef

	

(END) Dow Jones Newswires

July 18, 2022 07:33 ET (11:33 GMT)

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