Penny stock Nestor soars 1900% in confusion with Google's Nest Labs deal
Nestor soared from 0.2 cents to 4 cents in wake of Google's Nest Labs acquisition
Investors were left red-faced after they piled into a worthless penny stock in a bizarre case of mistaken identity.
Shares of Nestor Inc soared 1900 per cent as confused traders sought to get a piece of Nest Labs, a 'smart' home start-up snapped up by Google in a $3.2 billion deal on Monday.
The stock soared from 0.2 cents a share to 4 cents in the wake of Google's acquisition in a volatile trading session.
Nestor, which trades over the counter under the ticker symbol NEST, sells traffic enforcement equipment and went into receivership in 2009. Nest Labs, founded by iPod godfather Tony Fadell, is a private company based in Palo Alto, California.
The incident brought back memories of the embarrassing Twitter mix-up, which saw shares of bankrupt retailer Tweeter Home Entertainment soar after the social network announced plans to go public under TWTR.
Tweeter has changed its ticker symbol to THEGQ from TWTRQ to avoid confusion.
The Nestor rally also sparked chatter among finance pros after a journalist wondered: "If you had advance knowledge of the Google/ Nest deal, would you buy Nestor Inc shares? And would that be insider trading?
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...