Bankrupt Tweeter’s Stock Is Doing Well Thanks to Twitter and Dumb People
People are confusing the consumer electronics chain's stock symbol with Twitter's.
Boston-based Tweeter Home Entertainment, a consumer electronics chain (and namesake to the Tweeter Center) that declared bankruptcy in 2008, performed strangely well on the stock market thanks to the news that Twitter, a definitely not-bankrupt company, had filed for an IPO late Thursday.
You see, Tweeter’s TWTRQ stock symbol is just one letter away from Twitter’s, TWTR, which is why most of us assume that a stock that started the day trading at 2 cents jumped 1800 percent in a matter of hours. The Wall Street Journal reports that a securities regulator put a stop to this when they determined what was going on:
At 12:42 p.m. Eastern time, Finra halted trading in Tweeter Home Entertainment, having determined that “an extraordinary event has occurred or is ongoing that has had a material effect on the market for the” security.
Now would probably be a good time to pick up some cheap stock in SNPS just in case people confuse it for Snapchat if and when they go public. (Or maybe DKPX?)
Source URL: http://www.bostonmagazine.com/news/blog/2013/10/04/bankrupt-tweeters-stock-well-thanks-twitter-dumb-people/