Twitter mistake allows bankrupt electronics firm stock to soar 1,800%

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Shares of Tweeter Home Entertainment, a Boston-based consumer electronics chain that filed for bankruptcy in 2007, soared Friday in a case of mistaken identity on Wall Street.

The New York Post reports that apparently, some investors confused Tweeter, which trades under the symbol TWTRQ, with Twitter and piled into the penny stock.

Tweeter, which trades over the counter, opened at 2 cents a share and jumped as much as 15 cents - or 1,800 percent - before regulators halted trading.

Almost 15 million shares had changed hands at that point, while the average daily volume is closer to 150,000.

Twitter disclosed late Thursday that it will trade as TWTR after it launches a $1bn initial public offering. Actual trading in the shares won’t be available for a few more weeks.

To access the complete New York Post article hit the link below

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images: © West McGowan, © Justin Marty

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