Hint: It’s not “Tweeter.” And if it’s already trading over-the-counter, it’s definitely not Twitter, which hasn’t even decided where to trade yet.
Tweeter filed for bankruptcy in November 2008, days before fellow electronics chain Circuit City, and both closed their stores soon thereafter. But TWTRQ shares are soaring on Friday for no other reason than its company name looks and sounds just like Twitter. Tweeter’s ticker symbol is also just one letter off the one Twitter chose: TWTR.
Tweeter surged 1800% to 13 cents on volume of 4.2 million shares; there’s nearly 26 million outstanding shares, according to FactSet.
Trading in Tweeter shares has been halted to protect the stupid. And, to recap, public trading in Twitter shares still hasn’t started yet; that’s why they call the thing that hasn’t happened yet an initial public offering.
Long-Dead Tweeter Soars; Some Seek Twitter? [WSJ MoneyBeat blog]
Twitter Reveals $ 1 Billion IPO Plan [WSJ]
Tags: costly misspellings, look what I found in the penny shares, too good to be true, Tweeter Twitter whatever