LOS ANGELES (LALATE) – A Tweeter Twitter stock confusion prompted a trading halt today of the stock “TWTRQ”. Tweeter Home Entertainment is not Twitter. But confused buyers were purchasing a bankrupt home video company instead of Twitter.com today. Regulators quickly stepped in and halted trading.
CNBC was alerted viewers all today about the confusion. But it wasn’t until much later that the confusion prompted a trading halt. After news of a Twitter IPO was announced, people started buying the stock TWTRQ. How did they get so confused?
Twitter’s stock will be listed at “TWTRQ”. But confused consumers believed that Twitter was already trading today, apparently very cheaply, and began to buy up the wrong stock at less than a dollar. Instead of buying the growing new media company of Twitter (TWTRQ), they bought a bankrupt old media company Tweeter (TWTRQ). “Trading [of Tweeter Home Entertainment] is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market” regulators told news.
Tweeter Home Electronics grew one thousand percent today on the news. Regulators claim that some consumers wanting to buy into Twitter’s IPO early didn’t get the stock symbol right, didn’t know that Twitter has even chosen an exchange to trade on yet, and didn’t comprehend that Twitter’s IPO price certainly won’t be under a dollar.