A rush to get on the Twitter IPO bandwagon could be responsible for yesterday's massive stock price jump for Tweeter Home Entertainment Group, or could have just been a savvy investment move.
Tweeter, the Canton-based electronics retailer that filed for bankruptcy in 2007 and trades under the symbol TWTRQ, saw its stock shoot up by 1,400 percent at one point yesterday, possibly due to confusion from investors looking to get a jump on shares of Twitter, which shared details of its highly anticipated IPO on Thursday, as well as its proposed stock symbol, TWTR.
Shares of Tweeter, which started the day at 1 cent each, hit 15 cents a share, but trading was eventually halted by the Financial Industry Regulatory Authority, citing a misunderstanding related to the "possible initial public offering of an unrelated security."
"Somebody probably got confused ahead of the Twitter IPO and either misspelled the name of the company or mistyped the ticker by adding a Q at the end," Larry Peruzzi, senior equity trader at Cabrerra Capital Markets in Boston told Bloomberg.
More than 14.3 million shares of Tweeter changed hands yesterday, the most since 2007.
Still, Max Wolff, senior analyst and chief economist for ZT Wealth, said the momentum could have started with one savvy investor.
"There might be people who aren't necessarily idiots who decided they could implement a very cheap and easy strategy" by counting on more confusion when real Twitter shares begin to sell, he said. Those savvy investors would then make a tidy profit if confusion leads to higher — if mistaken— demand for Tweeter. "This is actually not a bad strategy," he said.
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