Rational and Efficient Markets In Action: The Tweeter Edition

Mr. Market got confused (boldface mine):

That’s Tweet-er.

Apparently a little too used to the shorthand language of the Internet, investors confused the social media phenomenon Twitter with Tweeter Home Entertainment Group Inc. of Canton, driving shares of the former electronics retailer to soar by more than 1,000 percent Friday.

The Financial Industry Regulatory Authority, Wall Street’s industry regulator, said Tweeter shares were halted Friday afternoon because of a misunderstanding related to the ‘‘possible initial public offering of an unrelated security.’’

Twitter is the San Francisco-based creator of the Internet tool for short messages, known as tweets. It has some 200-million-plus users and in preparation for becoming a public company has been valued at more than $12 billion. On Thursday Twitter offered investors details about its highly anticipated IPO, in which it hopes to raise about $1 billion, and proposed to trade under the stock symbol TWTR.

Efficient allocation of resources, my ass.

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1 Response to Rational and Efficient Markets In Action: The Tweeter Edition

  1. Ron Zoscak says:

    Only the best and brightest work on Wall Street!

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