Tweeter changes stock symbol over Twitter mix-up
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.