TribLIVE

| Business


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

Tweeter changes stock symbol over Twitter mix-up

About The Tribune-Review
The Tribune-Review can be reached via e-mail or at 412-321-6460.
Contact Us | Video | Photo Reprints

By The Associated Press

Published: 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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. More women seize opportunities to start businesses
  2. Meat prices drain barbecue budgets
  3. Record cold facilitates coal’s comeback
  4. Lawsuit challenges Hollywood standard of unpaid internships
  5. Pandora sued by record companies
  6. Investment in Western Pa. startups reaches 5-year high
  7. Squeezed by competition, Chobani to expand offerings
  8. Pa. unemployment rate falls to lowest since 2008; 12,000 more enter workforce
  9. Low pay, commutes among top stressors
  10. Retailers tailor store experience to phones
  11. Shale pioneer hires Chesapeake for drilling job
Subscribe today! Click here for our subscription offers.