Tweeter Home shares explode on apparent Twitter mix-up
NEW YORK Oct 4 (Reuters) - Shares of Tweeter Home Entertainment Group surged on Friday as misguided investors apparently viewed the stock as an unbelievable opportunity to jump into the not yet publicly traded Twitter Inc.
The specialty consumer electronics retailer, which is traded on the over-the-counter market, saw its shares rocket up more than 1,000 percent on volume of over 5 million shares.
The stock had closed on Thursday at a price of less than a penny a share and hit a high of 15 cents a share on Friday, before paring gains to trade at 4.7 cents, a 623 percent rise.
The volume already marked the most active trading day for the company since May 10, 2007, when 13.05 million shares were traded and the company reported quarterly earnings and said it may choose to file Chapter 11 bankruptcy.
Twitter Inc publicly filed its IPO documents on Thursday, setting the stage for one of the most-anticipated debuts in over a year.
(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
- Housing, jobs data weaken, but overall economic picture still upbeat
- Putin critic Khodorkovsky free after pardon, heads for Germany |
- Target cyber breach hits 40 million payment cards at holiday peak |
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |
- New York Mayor-elect's reputation for lateness parodied on Twitter