The nation’s reliance on spellcheck took another turn for the worse on Friday when investors and traders confused soon-to-IPO micro-blogging site Twitter with once-bankrupt home entertainment store Tweeter. You can file away this one as a hilariously sad mix-up.
Twitter, which has yet to launch its initial (key word here) public offering, is the most highly anticipated tech stock to hit the exchanges since Facebook. Tweeter is an over-the-counter stock that trades at well under a penny. Like the names of the companies, the ticker symbols – TWTRQ and TWTR – are just one letter off. Needless to say, a lot of people didn’t notice the Q.
Tweeter, which filed for bankruptcy in 2008, saw its shares rise 1800% to 13 cents on Friday before people caught wind of the mistake. And the volume wasn’t light – 4.2 million shares were traded until FINRA eventually halted trading of the stock mid-day on Friday to assumedly stop people from running their head into a wall.
Plenty of boneheaded mistakes are made on Wall Street on daily basis – it’s a human-run business after all – but this one ranks up near the top. Not only has Twitter yet to IPO, the company hasn’t even decided which exchange it will trade on. Oops.
Right Side of the Pond (eFinancialCareers)
If you are an investment banker working in New York City, you will – on average – earn 35% more than your average counterparts in Singapore, Hong Kong and London.
Houlihan Growing (Yahoo)
Investment bank Houlihan Lokey continued its hiring spree last week by adding two new managing directors to its capital markets team. Anthony Martino and Gregg Newman were both poached from Sagent Advisors.
More than 5,000 brokers who worked at one or more firms that were expelled by regulators are still licensed to sell securities. The pattern of moving from one shady firm to another is known as “cockroaching.” One recently suspended broker has worked at 10 firms shuttered by regulators.
Tough Year (WSJ)
William Ackman’s ill-fated J.C. Penney and Herbalife bets are starting to catch up to him. Ackman’s Pershing Square Capital Management has seen it assets drop by more than $1.2 billion this year following a rash of redemptions.
One Less Title (Bloomberg)
Jamie Dimon has stepped down as chairman of J.P. Morgan’s main bank subsidiary, which handles the firm’s deposit and consumer banking operations. He handed the role off to board member William C. Weldon, likely in an effort to appease regulators.
SAC Fallout Continues (FIN Alternatives)
SAC Capital is reportedly looking to sell its year-old reinsurance business as it focuses on defending itself against insider trading charges. Fellow hedge fund Pine River Capital Management has been named as one potential suitor, although some media reports speculate that SAC may shutter the unit rather than sell it.
Gensler Replacement Vetted (NY Times)
Timothy Massad, an assistant secretary of the Treasury, is being considered to replace Commodity Futures Trading Commission head Gary Gensler when he retires at the end of the year. The vetting process has already begun.
Buzz Around the Office
A Spanish judge is in hot water after ruling that a driving school is within its rights to charge female applicants more due to the fact that men display “greater dexterity and better open road skills” than their opposing gender. He may have missed several studies that suggest women are in fact better drivers.
List of the Day: Tips for Rookies
If you just got your first job, congratulations – you have a lot to learn. Here are three tips to keep in mind.
- Networking is just as important after you get the job.
- Respond to emails quicker than you did in college.
- Keep a detailed log of your accomplishments.