Insolvent firm Tweeter's shares soar after traders mistake it for Twitter

The share price of a formerly insolvent home-electronics retailer reportedly soared sky high, after US traders mistook it for Twitter.

Tweeter’s stock, which was below 1 penny, rose 2200 percent at 15 cents after microblogging site Twitter released its IPO of one billion dollars.

According to the Sydney Morning Herald, the ticker symbols of both the companies are similar and hence the traders apparently mistook Tweeter’s TWTRQ for Twitter’s proposed symbol TWTR.

The report said that Tweeter trading was suspended under a rule that applied to stocks traded over the counter (OTC) and the notice said that an extraordinary event that has occurred or is ongoing has had a material effect on the market.

Meanwhile, Twitter’s IPO is expected to take place in November, the report added.