Tweeter Home Entertainment was a consumer electronics retailer that sold TVs, car radios, home theater systems, and the like at more than 100 U.S. stores. In 2007 it filed for Chapter 11 bankruptcy protection and had its assets sold to a new owner, which also filed for Chapter 11 a year later.
So why did shares of Tweeter stock jump more than 1500% this morning?
Perhaps it had something to do with the fact that Tweeter's stock ticker, TWTRQ, is only one letter away from one of the most anticipated IPOs of the year. (Whose shares, we might add, aren't actually available for purchase.) Yes, people have mistakenly purchased shares of TWTRQ thinking it was actually Twitter's TWTR.
Although it's disappointing news for hopeful TWTR owners, the mistake could prove to be a pretty sweet deal for TWTRQ owners. Tweeter's stock is what's known as a "penny stock," when shares of a small public company trade at low prices per share. TWTRQ's 52-week low this year was $0.0004. Its current price: $0.105. Tweet on.
[Image: Flickr user G0SUB]