By Ilene
Tweeter (TWTRQ) was a Boston-based consumer electronics chain that went into bankruptcy in 2007 and liquidated operations in 2008. Tweeter is not Twitter (TWTR) and Twitter is not going public for a fraction of a penny.
Lesson in the greater fool theory of day-trading:
(Picture via commenter at Zero Hedge)
From Zero Hedge:
TWTRQ Halted To Protect Idiots From Themselves
Submitted by Tyler Durden on 10/04/2013:
Moments ago, today's standout stock Tweeter (TWTRQ), not to be confused with Twitter (TWTR) although it very clearly was as Zero Hedge first pointed out, was halted. The reason: to protect idiots from hurting themselves.
From the OTC bulletin board:
Trading Halt – Extraordinary Event Halt
"Trading is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or the security underlying an OTC ADR or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process."
Major disruption such as people being too stupid to even know they are buying the wrong company, but hoping others are even dumber and buy their momentum shares? Well, good luck exiting your halted longs now. Pink Sheets stocks have a nasty habit of never unhalting once they halt.
Finally, we are hearing rumors JCP is now considering quickly changing its ticker to TWTRJ.
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Explanation from The Tell:
Why is this penny stock jumping so much? We don’t have a precise answer for you except to say that its ticker bears a striking resemblance to a social-media company that recently started chirping about its long-awaited initial public offering.
Twitter TWTR 0.00%, which released its IPO plans on Thursday, will trade under the ticker “TWTR” while Tweeter trades with the ticker “TWTRQ.”
Investors aren’t the only ones confused. As of 12:45 p.m. Eastern Google’s ticker page for Tweeter showed the company’s name as TWTR Inc. The page pulled news stories related to Twitter. (‘TWTRQ’ stock up as much as 1,800% as investors confuse Tweeter for Twitter)
And take a look at the 5-day Yahoo chart. If trading ever resumes, expect a swift return to mere nothingness.
