Tweeter changes stock symbol after Twitter mix-up
NEW YORK (AP) - Tweeter is not Twitter. And its stock symbol has changed to avoid any confusion.
The bankrupt electronics retailer's stock resumed trading on Tuesday under "THEGQ". Its old symbol was "TWTRQ". That was apparently too similar to "TWTR", the symbol proposed by Twitter on Thursday when the messaging service filed plans for its highly anticipated initial public offering (IPO).
Some confused investors sent Tweeter's stock up as much as 1,400 per cent on Friday. 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 (Finra), Wall Street's industry regulator, halted trading of Tweeter's stock on Friday afternoon to because of the misunderstanding. To avoid "further confusion", Finra decided to change Tweeter's symbol, the group said.