Friday
February
27
2015
2:44 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 
You say Twitter, I say Tweeter: Investor mix-up?
October 05, 2013, 05:00 AM By Joseph Pisani The Associated

NEW YORK — A bankrupt electronics retailer appears to have gotten caught up in the investor fervor for Twitter.

Shares of Tweeter Home Entertainment Group Inc. rose as high as 15 cents Friday. That’s up 1,400 percent from Thursday’s closing price of 1 cent. And trading volume skyrocketed to 14.4 million shares. Over the past year, the daily average was about 29,000, according to FactSet.

The Financial Industry Regulatory Authority, Wall Street’s industry regulator, said the shares were halted Friday afternoon because of a misunderstanding related to the “possible initial public offering of an unrelated security.”

What could have gotten investors so confused?

Tweeter trades over the counter, under the “TWTRQ” symbol.

Twitter on Thursday offered investors details about its highly anticipated IPO and proposed the stock symbol “TWTR.”

But San Francisco-based Twitter’s stock won’t be available for trading until the company actually goes public. That could be before Thanksgiving.

Twitter has about 218 million users, far fewer than Facebook, which has more than 1 billion. But celebrities, from Oprah Winfrey to Britney Spears to President Barack Obama, are on it. And many TV networks and news organizations encourage people to follow their Twitter pages in order to start a conversation with viewers and promote their shows.

Twitter said that it expects to raise about $1 billion in its IPO.

And Tweeter? The chain was founded in 1972 and had been based in Canton, Mass. It sold TVs, audio equipment and other electronics, but the stores disappeared years ago. The company filed for bankruptcy protection in 2007 and closed the stores in 2008.

Tweeter’s over-the-counter stock was worth 5 cents before trading was halted Friday.

—————

Follow Joseph Pisani at http://twitter.com/josephpisani

 

 

Tags: twitter, about, shares, tweeter, stock, friday,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
What do you think of the new net neutrality rules imposed by the FCC on broadband providers?

Agree, Internet access should be governed like a utility
Don't agree, it will limit the free market
Worry about taxes
Worry it will prevent further access
It's too complicated

 

 
 
 
 
 
 
 
San Mateo County resident with measles may have exposed Berkeley restaurant diners
Patrons of La Mediterranee restaurant in Berkeley may have been exposed to measles last Friday eveni..
Leonard Nimoy, famous as Mr. Spock, dies at 83
LOS ANGELES — Leonard Nimoy, the actor known and loved by generations of "Star Trek" fans as the p..
House clears way for short-term Homeland Security bill
WASHINGTON — Congress closed in Friday on approving a short-term funding bill for the Homeland Sec..
8 shot to death, including gunman, in Missouri rampage
TYRONE, Mo. — A gunman killed seven people and wounded an eighth person in an overnight house-to-h..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
San Mateo County name change notice