“Mortimer, we’re back,” could be heard screaming through the halls of Tweeter today, the once bankrupt Boston-based electronic retail company that looked to stage a comeback in the open marketplace Friday. The company’s stock had been idle for quite some time trading at a cost of less than $0.01 per share. The thing is, though, the firm trades under the symbol TWTRQ, which very much resembles the symbol Twitter has planned for its initial public stock offering, TWTR.
Twitter announced Thursday evening, its plans to file an IPO. Even though this event isn’t expected to take place until November, apparently a few overzealous investors were looking to cash in earlier!
Tweeter’s stock shot up 1800% today from under a penny all the way to $.15 as investors mistook it for Twitter. The stock trading was halted at 12:42 p.m. by the SEC after the suspicious trading activity, still up 600% on the day.
“Trading is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or the security underlying an OTC ADR or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process,” the OTC Bulletin Board declared.
Tweeter actually filed for bankruptcy in 2007 and liquidated in 2008 before today’s short lived gift.
Hopefully, if you’re one of the shrewd investors here, too, you can still get your money back eventually, but like my grandpappy always said, “Don’t take any wooden nickels.”