This past Friday, it came as a great surprise to see that TWTRQ (Tweeter Home Entertainment Group, Inc.) suddenly began to see trading activity heavily increased, especially considering that Tweeter had declared bankruptcy years ago and had previously been trading little more than 100,000 shares on a good day. Well things changed rapidly last Friday with little known stock seeing over 14.3 million shares traded, representing a significant increase over it's average daily volume. It became clear that the confusion came in the well known Twitter corporation announcing that it's IPO ticker symbol would be "TWTR," proving so close to Tweeter's TWTRQ, that when traders typed in the symbol in various search engines, the only result that they saw happened to be TWTRQ, prompting them to believe that the IPO had already been enacted and believeing that they were seeing the stock at a steal of a price for under a single cent, quickly grabbed up shares, seeing the price rocket upward by as much as 2,207.7% in just one day.
The confusion created by the bankrupt Tweeter corporation was so great, that trading on the stock was halted in effort to protect more confused traders against trading a stock that they clearly thought was another. It will certainly be interesting to see what it to become of these Tweeter investments when reality sets in tomorrow.Here are some sentiments via the actual Twitter Corporation, pertaining to the confusion with Tweeter:
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