Zoom Tech., for one, hasn’t reported revenue since 2011 and apparently filed with the Securities and Exchange Commission to end its tenure as a publicly listed company to no avail.Īttempts by MarketWatch to contact the company weren’t immediately successful. Read: Zoom Video raises expected IPO pricing range, boosting potential market cap to more than $9 billion Its recent gains mean that $100 invested in the entity on March 21, when shares were around $0.005, would have netted an investor about $84,000 as of Thursday morning.īusiness Insider spotlighted the apparent ticker confusion back in March, but the shares have only extended their parabolic surge, indicating that seemingly clueless investors continue throwing money (rightly or wrongly, depending on one’s perspective) at the wrong Zoom. Most recently Thursday, shares of Zoom Technologies, which describes itself as a telecommunications company, were up 61%. tax deadline has been moved from April 15 to July 15 Subscribe to Fortune’ s Bull Sheet for no-nonsense finance news and analysis daily.An over-the-counter penny stock, with the ticker “ZOOM,” which last month was worth less than a penny, has soared an eye-popping 56,000% in the past 30 days, raising the question of whether it has been riding the euphoria surrounding the other Zoom. Why? - How does America pay for the coronavirus relief bill? With two shiny coins -Will the “ Great Cessation” be worse than the Great Recession? -Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs -WATCH: The U.S. Everything you need to know about the coronavirus stimulus checks -The quickest way to boost the economy isn’t even being considered. When buying stocks, investors may want to add one more item to their due diligence list: double-check the ticker symbol. and Monster Worldwide, an online job-posting company which a broker reportedly confused for the other in 2011, placing an erroneous order for $144 million worth of its shares before market officials caught the mix-up. Other cases of mistaken stock identity include Nest Labs and Nestor (whose stock, with ticker symbol “NEST,” shot up when Google acquired Nest Labs in 2014) Facebook and Physicians Formula Holdings (which traded under the ticker “FACE” before it was acquired) and Monster Beverage Corp. When Twitter announced it would go public in 2013, the stock of Tweeter Home Entertainment, a retailer which was then in bankruptcy, soared as much as 2,200% over the following days before being halted. (Snap Interactive ultimately changed its name to PeerStream a year after the Snapchat maker’s IPO.)Īnd in 2015, Ionis Pharmaceuticals, a biotech company originally named Isis Pharmaceuticals, changed its name, along with its ticker symbol, from “ISIS” to “IONS,” over concern that association with the Islamic State terrorist group was hurting its stock price. (maker of social media app Snapchat), investors bid up shares of Snap Interactive-before Snap Inc. In 2017, during the run-up to the highly anticipated IPO of Snap Inc. It’s not the first time investors have bought the wrong stock after mixing up its ticker symbol with that of a more high-profile company, particularly during volatile market events, such as initial public offerings. The company most recently reported that it was headquartered in Beijing. That’s in spite of the fact that Zoom Technologies, according to the SEC, has not made “any public disclosure” whatsoever-including reporting on its finances or “its operations, if any”-since 2015. At its high at the end of last week, the “ZOOM” stock had increased nearly sevenfold-from around $3 a share to more than $20-in the span of a month. Meanwhile, Zoom Technologies, a so-called penny stock traded over the counter, had risen more than 240% over the same time frame before the SEC suspended it. Zoom Video’s stock has surged 50% since the broader market’s peak last month, a period in which the S&P 500 has fallen more than 20%. That other issuer is Zoom Video Communications (ticker symbol: ZM), whose stock price has, well, zoomed in recent days as droves of workers, confined to their homes to reduce the spread of COVID-19, have turned to its remote meeting services. Securities and Exchange Commission on Thursday halted trading in the shares of Zoom Technologies (ticker symbol: ZOOM), citing “concerns about investors confusing this issuer with a similarly named Nasdaq-listed issuer” during the coronavirus pandemic.
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