Rumble (RUM -5.92%) stock is climbing in Monday's trading. The streaming platform's share price was up 4.2% as of 10:15 a.m. ET, according to data from S&P Global Market Intelligence. Shares had been up as much as 15% earlier in the daily session, but gains have moderated as investors have taken profits.
Rumble published a press release this morning announcing the launch of three new company-derived brands in the consumer goods space. In addition to the product announcements, it's likely that the stock is also getting a boost from engagement expectations derived from the assassination attempt on former president Donald Trump that took place over the weekend.
Rumble's product push continues
In the press release it published this morning, Rumble announced that it was launching Pawsitive, Be Naked, and 5G Free -- three new consumer goods brands that will be sold by the company. Pawsitive is built around health-focused pet foods, and the Be Naked brand will feature health products for men. Meanwhile, 5G Free is aiming to address concerns about wellness issues related to electromagnetic fields.
The new product launches come on the heels of Rumble's 1775 Coffee brand, which debuted in February. As per the press release, sales of 1775 Coffee have now reached an annualized run rate of more than $1 million.
Political volatility could boost Rumble's engagement
Last Saturday, a gunman made an attempt to assassinate Donald Trump at a campaign rally in Pennsylvania. While the former president sustained relatively minor injuries in the shooting, one attendee of the rally was killed and others were seriously wounded.
With the Republican National Convention (RNC) kicking off today, interest in the event and its speakers and presentations will likely be higher than previously anticipated. Rumble announced at the beginning of last week that some of the top content creators on its platform would be hosting live programs at the convention, and there's a good chance that viewership will be boosted by recent signs of political volatility.
In general, interest in this year's presidential and congressional elections could be even higher than previously anticipated. As a result, Rumble may be able to record strong viewership numbers that translate into increased spending from advertisers and also help strengthen the company's brand initiatives.
