investors mixup Tweeter for twitter
Steven Senne/APA 2007 photo of a Tweeter electronics store in Saugus, Mass.
By Chuck Mikolajczak

NEW YORK -- Excitement for Twitter's coming IPO is running pretty high -- so much so that some investors Friday mistook the nearly worthless stock of long-dead electronics retailer Tweeter for the "tweeting" site, sending shares up more than 1,000 percent.

Tweeter Home Entertainment Group, a specialty consumer electronics company that went bankrupt in 2007, saw a its most active day of trading in more than six years even though it has nothing to do with the social media site.

The stock, which trades over the counter, closed Thursday at a price of less than a penny a share, and Friday hit a high of 15 cents a share on Friday, before paring gains to trade at 5 cents, a 669 percent rise. More than 11.7 million shares had traded by midday.

The volume was the most active trading day for the company since May 10, 2007, when 13.05 million shares were traded and the company reported quarterly results and said it may choose to file Chapter 11 bankruptcy.

To say the stock is lightly traded in normal times is an understatement, sometimes going several days without even trading 1,000 shares over the course of a full session.

However, in the last two weeks Tweeter shares' price and volume ticked up following Twitter's announcement on Sept. 12 that it had confidentially filed for an initial public offering.

The moves on those days weren't nearly as extreme, with the stock reaching a high of 3.5 cents, and seeing volume between 200,000 and 1.1 million shares, depending on the day.

Tweeter filed for bankruptcy in June of 2007 and its assets were acquired by Schultze Asset Management on July 13, 2007, according to a filing with the U.S. Securities and Exchange Commission. A representative for Schultze Asset was not immediately available for comment.

Twitter Inc. publicly filed its IPO documents Thursday, setting the stage for one of the most-anticipated debuts in more than a year.

Increase your money and finance knowledge from home

Introduction to Economic Indicators

Measure the performance of the economy.

View Course »

Investment Strategies

What's your investing game plan?

View Course »

Add a Comment

*0 / 3000 Character Maximum

15 Comments

Filter by:
hutsonapexglass

My company's stock shot up too. We make mouthwash, its called GAARGLE

October 06 2013 at 11:24 PM Report abuse rate up rate down Reply
almasearch

Wait for it.... Wait for it..... Here comes the crash. LOL

October 06 2013 at 12:30 PM Report abuse rate up rate down Reply
1 reply to almasearch's comment
betty_brock

Absolutely. Find Jesus everyone, before it's too late.

October 06 2013 at 9:34 PM Report abuse -1 rate up rate down Reply
paddleman1928

no confusion-powerful computers drove the stock price up and someone who owns those computers made a bundle . Expect more of this kind of "confusion" as the computers get more powerful.

October 05 2013 at 9:56 PM Report abuse rate up rate down Reply
thanadar

Our firm, Twitters, Inc., shot up, too! (We make freeze-dried vodka).

October 05 2013 at 8:04 PM Report abuse +1 rate up rate down Reply
Dave

Just proves how FUC**ng dumb peopkle are in this couintry.

October 05 2013 at 7:12 PM Report abuse +1 rate up rate down Reply
1 reply to Dave's comment
CherMoeLin

Also shows how dangerous the stock market can be, also. Can you imagine people investing their "retirement benefits" (instead of having Social Security) into the stock market? Imagine where we'd be like when the markets were crashing the last 2 yrs. of the Bush admin.

October 06 2013 at 4:38 PM Report abuse -1 rate up rate down Reply
YourFtr

It's proof that the Obama economy is working......

October 05 2013 at 3:11 PM Report abuse -2 rate up rate down Reply
YourFtr

I'm filing an IPO with FaceVolume shares.......

October 05 2013 at 3:10 PM Report abuse rate up rate down Reply
norman

Tweeters are high frequency speakers but I am interestested in neither....Twits Nor Tweets!

October 05 2013 at 2:04 PM Report abuse rate up rate down Reply
tjcnopops2

ah hah hahahahahaha....
so much for the 'intelligentcy'.

October 05 2013 at 1:04 PM Report abuse rate up rate down Reply
resvoyage

A complete scam by wall st again that suckered people in then they pulled the cord. Pure more example of how crooked this stock market is. Stay away from it!!!!!!!!!!!!

October 05 2013 at 7:20 AM Report abuse -1 rate up rate down Reply
1 reply to resvoyage's comment
Tom

You may want to READ the story and see just how dumb that your comment is

October 06 2013 at 10:01 PM Report abuse rate up rate down Reply