NEW YORK - Shares of Tweeter Home Entertainment Group surged on Friday as misguided investors apparently viewed the stock as an unbelievable opportunity to jump into the not yet publicly traded Twitter Inc.
The specialty consumer electronics retailer, which is traded on the over-the-counter market, saw its shares rocket up more than 1,000% on volume of over 5 million shares.
The stock had closed on Thursday at a price of less than a penny a share and hit a high of 15 cents a share on Friday, before paring gains to trade at 4.7 cents, a 623% rise.
The volume already marked the most active trading day for the company since May 10, 2007, when 13.05 million shares were traded and the company reported quarterly earnings and said it may choose to file Chapter 11 bankruptcy.
Twitter Inc publicly filed its IPO documents on Thursday, setting the stage for one of the most-anticipated debuts in over a year.