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 ‚Äúan extraordinary event has occurred or is ongoing that has had a material effect on the market for the‚ÄĚ 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/