The dangerous world of stock trading.
From FinancialPost:
.....Excitement for Twitter’s coming IPO is running pretty high – so much so that some investors on Friday mistook the nearly worthless stock of long-dead electronics retailer Tweeter for the tweeting site, sending shares up more than 1,000%.
Tweeter Home Entertainment Group, a specialty consumer electronics company that went bankrupt in 2007, saw its most active day of trading in more than six years even though it has nothing to do with the social media site.
The stock, which trades over the counter, closed Thursday at a price of less than a penny a share, and hit a high of 15 cents a share on Friday. More than 14.3 million shares had traded by midday.
The volume marked an all-time high for the stock, surpassing the 13.05 million shares traded on May 10, 2007, when the company reported quarterly results and said it may choose to file for Chapter 11 bankruptcy.
Shares were halted by the Financial Industry Regulatory Authority (FINRA) at 12:47 p.m. (1647 GMT), with the stock up 684% at 5.1 cents, under the terms of Rule 6440, which the agency uses in “circumstances in which it is necessary to protect investors and the public interest.”..........
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