Penny stock Tweeter's ticker symbol changed after Twitter mixup
In the wake of Twitter's IPO filing, investors bid the defunct Tweeter Home Electronics Group's stock up 1,800 percent after seeming to mistake its symbol (TWTRQ) for that of Twitter's (TWTR).
Some investors who were hoping to cash in on Twitter's forthcoming IPO probably felt like twits after they learned they accidentally bought shares in Tweeter, a bankrupted home electronics company.
Last week, in the wake of Twitter's formal filing of its intentionand its selection of the ticker symbol TWTR, investors inexplicably the penny stock of Tweeter Home Electronics Group, a bankrupt home electronics chain with the symbol TWTRQ, more than 1,800 percent.
Today, Tweeter's symbol has been officially changed to THEGQ, and its share price has returned to about a penny, where it had been consistently idling for some time prior to Twitter's filing of its S-1.
Now the only worry will be whether or not investors might think "GQ" magazine has gone public and will try to buy its stock. That might sound implausible, but then again, given that Twitter's IPO hasn't even happened yet, so was the idea of people trying to buy its stock the day after the company filed its S-1.