Twitter made headlines yesterday when the social media giant announces its IPO plans and that it would use the stock symbol TWTR if listed. Today the stock for a company called Tweeter Home Entertainment Group Inc. (TWTR Inc) using the stock symbol TWTRQ went through the roof in early trading today. It looks like TWTRQ stock closed at just a penny a share on October 3rd, but managed to reach 15 cents a share in early morning trading. That is 14 times its original value for what appears to be a bankrupt electronics retailer! The normal daily volume of shares traded has been around 29,000 all year, but today it was traded nearly 14.4 million times! It appears a ton of people were interested in investing in Twitter, but bought the wrong stock!
It is crazy to think that people are purchasing a stock without doing their due diligence and trying to invest in something that hasn't actually gone public yet. Twitter hopes to raise about $1 billion in its IPO if and when it happens later this year.