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back to article Twitter-mad twits trade 14 million shares in BANKRUPT zombie biz

US regulators have had to change the stock symbol of bankrupt electronics firm Tweeter after some overexcited investors mistook the shares for soon-to-IPO microblogging website Twitter's stocks, sending them surging by 750 per cent. The Financial Industry Regulatory Authority assigned Tweeter Home Entertainment Group the new …

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My first question is why are they still listed for trading ?

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FAIL

A company that has filed for Chapter 11 is still available for trading on the stock market.

This is a trader fail, as the Q denotes a company that has filed for bankruptcy.

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Quote: This is a trader fail

You missed the quotes around "trader".

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Re: Quote: This is a trader fail

Question : Was there actually any, living and breathing, skin and flesh trader involved or was this an example of an algorithm getting a little excited again ?

It goes to show just how fragile the whole stock market really is. Decisions are not being made on fact or anything tangible, they are simply being made on movements.....

The stock market is basically the biggest computer game in the world... and it's being run by computers.

Scary, it's very, very, scary......

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Anonymous Coward

So they're reserving TWTR Q in advance?

That's Forward Planning for you.

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"This is a trader fail, as the Q denotes a company that has filed for bankruptcy."

But HP is listed as HPQ......Oh OK...Nevermind.

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Anonymous Coward

Americans. That is all you need to say.

I still occasionally get eBay order from those morons where they complain that 'you charged my card extra' because they don't understand what £ GBP means, and have great difficulty in comprehending that "we don't accept foreign currency" might include $ USD.....

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we don't accept foreign currency

Well, yes, but that only explains the part involved with arbitrage. It doesn't explain why P&P are so much higher than necessary, nor why the money only seems to buy the services of a snail with gout should you be so foolish as to make the deal, even when not running the gauntlet of eBay.

Fair disclosure: I'm a bibliophilic ex-pat in a book-crazy workforce who gets frequent visits from exasperated colleagues asking for an explanation of why such-and-such a book costs more than the already high cover price to ship, and takes months to make the journey.

I *tell* 'em it's gouging, that they'll pay for air mail and the parcel will travel by tramp steamer, and I've had it happen to me and to just not use UK sources who are fundamentally untrustworthy when it comes to this sort of thing (to tar with but a single brush, but it seems to be the order of the day) but they keep going back to the well and using me as a proxy when they need to yell about it.

Amercians, eh?

Personally, I look for US sources for UK books whenever possible, and I never use eBay for them any more because I know what I'm getting is what it says on the box with Amazon and I have a proper course for redress if it isn't so when I get the box open.

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Anonymous Coward

Did people learn nothing from watching SCOX become SCOXQ?

(Not that I am alleging any impropriety at Tweeter. I have no idea why they went bust. It was probably an honest business that just failed. Most bankruptcies are. All I mean is that you would think that people would know what a bankrupt American stock with no obvious hope of resurfacing looks like. It has a Q on the end.)

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Twits are twits.

::shrugs::

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the world economy

left in the hands of idiots

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Re: the world economy

you missed out a few words between "of" and "idiots"

"complete", "total", "and", "utter" & "f***ing"

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Trading

Doesn't this imply that a lot of middlemen (who should have known better from the Q) have made money brokering trades as the stock prices went up and down again?

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Re: Trading

Probably an etrade meaning no human was involved in accepting the trade.

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Re: Trading

Doesn't this imply that a lot of middlemen (who should have known better from the Q) have made money brokering trades as the stock prices went up and down again?

Sure. But that's precisely what execution-only means. Brokers don't offer advice about specific stocks, they simply carry out the instructions given. Most of of them are at pains to make this doubly clear to you whenever you open an account. Doing anything else opens them up to all sorts of claims regarding duff advice and mis-selling.

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Anonymous Coward

Re: Trading

Probably not, I seriously doubt the vast majority of trades actually pass a humans eyes before execution

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Devil

Sell, sell!! Buy, buy!!...

Nuff said :-)

http://www.tradingwithwen.com/sites/default/files/images/buy-sell-cartoon.jpg

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Joke

"BANKRUPT zombie biz"

I actually thought this was going to be an article about Twitter.

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Joke

Re: "BANKRUPT zombie biz"

no, No, NO!!!

Zombies like people with BRAINS!!!!

Twitter likes people without

as do many salesmen

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Re: "BANKRUPT zombie biz"

I was expecting something about the Post Office.

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Re: "BANKRUPT zombie biz"

I was expecting something about SCO.

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It could also be a very effective scam (buy and then sell as Twitter shares for 1000 times the value)

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I suggest they use the symbol TWIT

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or TWUNT

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Anonymous Coward

Fundamental flaws

Exactly the problem with Capitalism that Marx discussed in Das Kapital.

Somehow money is being created out of thin air by putting a value on something that does not exist and then selling parts of that non existent commodity for more than you paid for them. The inevitable result is a small number of folks do very very well and the majority suffer. The world today is a perfect illustration.

AC because I work in Financial Services keeping the systems running for the fat cats. Or in other parlance, bringing the system down from the inside :-)

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Re: Fundamental flaws

I hope they don't pay you too much :):):)

I'm not sure that Marx specifically discussed the problem of consumers overpaying for something because they mistook it for something else. This is no more significant than someone mistaking lamb for beef.

If you are claiming that equity 'does not exist' then you are just talking nonsense. Equity is no more unreal than the money in your bank account or the pint you owe your mate. And certainly Marx claimed no such thing.

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Re: Fundamental flaws

Re:"The world today is a perfect illustration."

The world today is a perfect illusion.

FTFY

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Anonymous Coward

Re: Fundamental flaws: Spleen

Your saying there is no problem with mistaking lamb for beef? An open and transparent market and all that mean much then? How can a market function without the correct information? As a hint, it does not. It devolves into a random occurrence of value shifting, and in the same case, shifting wealth.

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Re: Fundamental flaws

I hope for your sakes you're using a laptop and dongle - not your bank workstation - since El Reg forums are not encrypted and anyone can sniff your login details via a packet inspector, anonymous or not.

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Some people are just too stupid to read what they sign

Remember the upset over the "Literal Democrat" candidate on an election ballot paper, taking votes from the Liberal Democrat.

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Anonymous Coward

stupid in the markets generally gets punished

For all the trader haters - don't worry, I suspect many got burnt buying high and then being forced to sell lower when they realised their mistake. Their stupidity found its fair value.

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Anonymous Coward

Might be some real traders and no error

If the price went up, somebody made money buying low and selling high, bankrupt company or no.

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