NEW YORK - A bankrupt electronics retailer appears to have gotten caught up in the investor fervour for Twitter.
Shares of Tweeter Home Entertainment Group Inc. (OTO:TWTRQ
, Stock Forum
) rose as high as 15 cents Friday. That's up 832 per cent from Thursday's closing price of $0.018.
The Financial Industry Regulatory Authority, Wall Street's industry regulator, says 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 Twitter's stock won't be available for trading until the company actually goes public. That could be before Thanksgiving.
Before trading was halted, (no doubt surprised) shareholders sold their holdings and shares dropped back to $0.051.
-With file by Chris Parry, Stockhouse.com
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