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Tweeter shares rocket 1,800% after news of Twitter's IPO Tweeter shares rocket 1,800% after news of Twitter's IPO
(35 minutes later)
Shares in bust electronics retail chain Tweeter Home Entertainment Group soared after Twitter announced it was intending a share sale. Shares in failed electronics retail chain Tweeter Home Entertainment Group soared after Twitter announced it was intending a share sale.
Tweeter, which specialised in high-end electronics, filed for bankruptcy in November 2008 and closed its stores soon after. But its shares surged 1,800% to 13¢ after the social media firm set out its plans for an initial public offering.Tweeter, which specialised in high-end electronics, filed for bankruptcy in November 2008 and closed its stores soon after. But its shares surged 1,800% to 13¢ after the social media firm set out its plans for an initial public offering.
The Financial Industry Regulatory Authority ordered the suspension of shares in Tweeter at 12.42pm ET, determining that "an extraordinary event has occurred or is ongoing that has had a material effect on the market" for Tweeter shares.The Financial Industry Regulatory Authority ordered the suspension of shares in Tweeter at 12.42pm ET, determining that "an extraordinary event has occurred or is ongoing that has had a material effect on the market" for Tweeter shares.
Tweeter trades under the stock symbol TWTRQ, just one letter different from Twitter's intended "ticker" symbol, TWTR.Tweeter trades under the stock symbol TWTRQ, just one letter different from Twitter's intended "ticker" symbol, TWTR.
Twitter announced on Thursday that it intends to raise $1bn on the US stock markets in an initial public offering (IPO). But the company has yet to begin marketing its share sale, which remains months away. Twitter stock is unlikely to be on sale before November at the earliest and the government shutdown could delay the sale still further.Twitter announced on Thursday that it intends to raise $1bn on the US stock markets in an initial public offering (IPO). But the company has yet to begin marketing its share sale, which remains months away. Twitter stock is unlikely to be on sale before November at the earliest and the government shutdown could delay the sale still further.
Tweeter, in the meantime, is a shell company. Tweeter closed its doors during a dark period for electronic retailers. Larger rival Circuit City also shut up shop in the same month. After the company filed for bankruptcy, trustee George Miller said there was "not a possibility" that the store would reopen.Tweeter, in the meantime, is a shell company. Tweeter closed its doors during a dark period for electronic retailers. Larger rival Circuit City also shut up shop in the same month. After the company filed for bankruptcy, trustee George Miller said there was "not a possibility" that the store would reopen.
This isn't the first time TWTRQ has soared on news about its social media near namesake. Tweeter shares jumped a fraction of a cent last month after Twitter disclosed it had confidentially filed papers with the Securities and Exchange Commission about its IPO plans. They soon lost those gains. This isn't the first time TWTRQ has soared on news about its social media near-namesake. Tweeter shares jumped a fraction of a cent last month after Twitter disclosed it had confidentially filed papers with the Securities and Exchange Commission about its IPO plans. They soon lost those gains.
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