By Alexei Oreskovic
SAN FRANCISCO, Oct 8 (Reuters) - Twitter and Tweeter havesimilar-sounding names, but investors will no longer be indanger of confusing the two companies.
On Tuesday, bankrupt consumer electronics company TweeterHome Entertainment Group, began trading under a new stock symbolintended to prevent investors from mistaking it for Twitter Inc , the Internet company whose forthcoming IPO is oneof Wall Street's most highly-anticipated offerings.
The Financial Industry Regulatory Authority assigned Tweeterthe new symbol THEGQ, replacing its previous TWTRQ symbol, whichwas deemed too similar to the TWTR symbol that Twitter hopes touse when it floats shares to the public.
Shares of Tweeter, a penny stock, surged more than 1,000percent last Friday when excitement about Twitter's impendingIPO caused confused investors to snap up the wrong company'sshares. Twitter, a social media company with more than 200million users, is expected to raise about $1 billion in its IPO.
"FINRA believed that trading in the TWTRQ securitydemonstrated a widespread misunderstanding related to thepossible initial public offering of an unrelated security," saida notice released by the Financial Industry Regulatory Authorityon Monday.
Tweeter once traded under the TWTR symbol, but the letter Qwas appended to its stock symbol after it filed for bankruptcy,leaving the TWTR symbol unclaimed.
Tweeter filed for bankruptcy in June of 2007 and its assetswere acquired by Schultze Asset Management on July 13, 2007,according to a filing with the U.S. Securities and ExchangeCommission. A representative for Schultze was not immediatelyavailable for comment.
Tweeter's stock, which trades over the counter, closedThursday at a price of less than a penny a share, and hit a highof 15 cents a share on Friday. More than 14.3 million shares hadtraded by midday.
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