Twitter Soars 1,000%. Sorry, Make that Tweeter

From Reuters:

Excitement for Twitter’s coming IPO is running pretty high – so much so that some investors on Friday mistook the nearly worthless stock of long-dead electronics retailer Tweeter for the “tweeting” site, sending shares up more than 1,000 percent.

Tweeter Home Entertainment Group, a specialty consumer electronics company that went bankrupt in 2007, saw a its most active day of trading in more than six years even though it has nothing to do with the social media site.

The stock, which trades over the counter, closed Thursday at a price of less than a penny a share, and Friday hit a high of 15 cents a share on Friday, before paring gains to trade at 5 cents, a 669 percent rise. More than 11.7 million shares had traded by midday.

The volume was the most active trading day for the company since May 10, 2007, when 13.05 million shares were traded and the company reported quarterly results and said it may choose to file Chapter 11 bankruptcy.

Posted by Eddy Elfenbein on October 4th, 2013 at 1:04 pm

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