Oops! Thanks to Twitter, penny stock Tweeter jumps 684%
A down-on-its-luck home electronics company saw its stock go through the roof today. The only reason? Its stock ticker is almost the same as Twitter's.
Here's a stock pop that no company's IPO will ever see: Tweeter Audio and Video's share price jumped as much as 1,800 percent Friday 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 1 cent, and opened today at 2 cents, already an impressive 100 percent boost. But by 7:30 a.m. PT, 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.