TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Tweeter changes stock symbol over Twitter mix-up

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Wednesday, Oct. 9, 2013, 12:01 a.m.
 

Tweeter is not Twitter. And its stock symbol has changed to avoid confusion.

The bankrupt electronics retailer's stock resumed trading on Tuesday under “THEGQ.” Its old symbol was “TWTRQ.”

That was apparently too similar to “TWTR,” the symbol proposed by Twitter on Thursday when the messaging service filed plans for its highly anticipated initial public offering.

Some confused investors sent Tweeter's stock up as much as 1,400 percent on Friday. The stock, which closed a day earlier at 1 cent, jumped as high as 15 cents. And trading volume, which averages about 29,000 according to FactSet, skyrocketed to 14.4 million shares.

Tweeter's stock fell 78 percent to 1 cent on Tuesday.

The Financial Industry Regulatory Authority, Wall Street's industry regulator, halted trading of Tweeter's stock on Friday afternoon to because of the misunderstanding. To avoid “further confusion,” FINRA decided to change Tweeter's symbol, the group said.

Twitter's stock, meanwhile, won't be available for trading until the social media company actually goes public. That could be before Thanksgiving.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Consistency keeps Cellone’s Bakery customers coming back
  2. EPA to release biofuels proposal by June 1
  3. With higher student debt than ever, millennials rely on support from parents
  4. Tesla home battery at $7K, partnered with rooftop solar system, may help reduce power bills
  5. Cuba’s dairy industry, once touted as a success, is struggling
  6. Financial planning for disabled people a little-tapped field
  7. Charter Communications makes offer for Time Warner Cable
  8. Developer hopes to make Allegheny Center a tech hub
  9. How to cover work history gaps
  10. AT&T evolves beyond phones
  11. American Eagle posts improved first-quarter results