A down on its luck home electronics company saw its stock jump more than 600 percent today. The only reason? Its stock ticker is almost the same as Twitter's. October 4, 2013 10:39 AM PDT After limping along at a price of barely a penny, Tweeter's stock went through the roof today thanks to investors seeming to misunderstand Twitter's new stock ticker. (Credit: Screen shot by CNET) Here's a stock pop that no company's IPO will never see: Tweeter Audio and Video's share price jumped as much as 1,800 percent today before settling in at a more pedestrian rise of 684 percent. But that jump wasn't due to anything the beleaguered home electronics company did. Rather, it was thanks to the fact that the penny stock's ticker, TWTRQ, is oh-so-close to that of Twitter, which filed to go public yesterday under the symbol TWTR. Tweeter's stock closed yesterday at one cent, and opened today at two cents, already an impressive 100 percent boost. But by 10:30 a.m. ET, the shares had risen to 15 cents as investors, presumably confused, tried to buy Twitter shares. According to Wikipedia, Tweeter was once a nationwide brand, with stores in several states. But in 2007, just as Twitter was launching as a company, Tweeter filed for bankruptcy and closed dozens of stores. Since then, its stock has been traded over the counter, limping along with just enough life to still exist.
A down on its luck home electronics company saw its stock jump more than 600 percent today. The only reason? Its stock ticker is almost the same as Twitter's.
After limping along at a price of barely a penny, Tweeter's stock went through the roof today thanks to investors seeming to misunderstand Twitter's new stock ticker.
(Credit: Screen shot by CNET)
Here's a stock pop that no company's IPO will never see: Tweeter Audio and Video's share price jumped as much as 1,800 percent today before settling in at a more pedestrian rise of 684 percent.
But that jump wasn't due to anything the beleaguered home electronics company did. Rather, it was thanks to the fact that the penny stock's ticker, TWTRQ, is oh-so-close to that of Twitter, which filed to go public yesterday under the symbol TWTR.
Tweeter's stock closed yesterday at one cent, and opened today at two cents, already an impressive 100 percent boost. But by 10:30 a.m. ET, the shares had risen to 15 cents as investors, presumably confused, tried to buy Twitter shares.
According to Wikipedia, Tweeter was once a nationwide brand, with stores in several states. But in 2007, just as Twitter was launching as a company, Tweeter filed for bankruptcy and closed dozens of stores. Since then, its stock has been traded over the counter, limping along with just enough life to still exist.
