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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  1. kain preacher

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

    1. Spikehead
      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.

      1. Voland's right hand Silver badge

        Quote: This is a trader fail

        You missed the quotes around "trader".

        1. Khaptain Silver badge

          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......

      2. Anonymous Coward
        Anonymous Coward

        So they're reserving TWTR Q in advance?

        That's Forward Planning for you.

      3. Goes to 11

        "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.

      4. Anonymous Coward
        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.....

        1. Stevie Silver badge

          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.

      5. Anonymous Coward
        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.)

  2. jake Silver badge

    Twits are twits.

    ::shrugs::

  3. P Saunders

    the world economy

    left in the hands of idiots

    1. dervheid

      Re: the world economy

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

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

  4. PrivateCitizen

    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?

    1. midcapwarrior

      Re: Trading

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

    2. the spectacularly refined chap

      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.

    3. Anonymous Coward
      Anonymous Coward

      Re: Trading

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

  5. Anonymous Coward
    Devil

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

    Nuff said :-)

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

  6. Hieronymus Howerd
    Joke

    "BANKRUPT zombie biz"

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

    1. Michael H.F. Wilkinson Silver badge
      Joke

      Re: "BANKRUPT zombie biz"

      no, No, NO!!!

      Zombies like people with BRAINS!!!!

      Twitter likes people without

      as do many salesmen

    2. Lamont Cranston

      Re: "BANKRUPT zombie biz"

      I was expecting something about the Post Office.

      1. kain preacher

        Re: "BANKRUPT zombie biz"

        I was expecting something about SCO.

  7. Anonymous Coward
    Anonymous Coward

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

  8. Sureo

    I suggest they use the symbol TWIT

    1. Khaptain Silver badge

      or TWUNT

  9. Anonymous Coward
    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 :-)

    1. Spleen

      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.

      1. Anonymous Coward
        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.

    2. btrower

      Re: Fundamental flaws

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

      The world today is a perfect illusion.

      FTFY

    3. Keep Refrigerated

      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.

  10. Phil O'Sophical Silver badge

    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.

  11. Anonymous Coward
    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.

  12. Anonymous Coward
    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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