Wednesday
April
23
2014
5:04 am
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
 
 
 
 

Check out our archive of Dining Guides - Yum!

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:

Apple files promised appeal in book-collusion case
You say Twitter, I say Tweeter: Investor mix-up?
Stocks rise on hope that D.C. will end its bickering
 

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


 
 
 
Daily Journal Quick Poll
 
What do you think of the Warriors' proposal to move to Mission Bay?

Smart, a better location
Still like the waterfront arena concept
Wish they would stay in Oakland
Anywhere in San Francisco is good
How about the Burlingame waterfront?

 

 
 
 
 
 
 
 
  
 
  
 
©2014 San Mateo Daily Journal
San Mateo County advertising