What happened

After a back-to-back-to-back-to-back-to-back losing streak -- 16.5% in combined stock price losses over the five trading days since July began -- pop toymaker Funko (NASDAQ:FNKO) finally snapped back in Friday trading, popping a good 7.1%.  

That's the good news.

Jack in the box opens to reveal a wad of $100 bills

Image source: Getty Images.

So what

The bad news is that there's ... apparently no news behind the snapback -- no press releases, no earnings reports, not so much as a Wall Street analyst upgrading the stock or raising a price target. Nada.

Fact is, the last time we got any significant news out of Funko was back in early May, when the company reported an 18% decline in sales and a quarterly net loss nearly twice as bad as Wall Street had predicted -- alongside a polite refusal to give any new guidance in light of the uncertainties created by the coronavirus.

(Which means, incidentally, we probably can't expect any really new news out of Funko until it reports its next quarterly earnings -- an event still a month away).

Now what

So what are investors to make of today's sudden surge in stock price, and how should they react?

Honestly, when you consider that Funko stock has spent most of July up to this point sinking on no news, the fact that it rebounded and made back about half those losses today -- also on no news -- seems to me a non-event. Investors sold off Funko stock for no good reason yesterday. They're buying it back today because, at a share price 77% below where it traded a year ago, Funko stock is starting to look too cheap to resist.