The same day, shares in a Florida door-making company with the ticker symbol of DOOR spiked. More recently, Zoom Technologies, which makes electronic-communication products for mobile phones, jumped at the height of the pandemic when the world flocked to the similarly named video conferencing service.Īnd in December 2020, food delivery service DoorDash went public in an IPO. Zoom profits soar as pandemic spurs boom in video chatting.It's investors just buying and selling the wrong stocks." "Something happens with a big company, and then there will be a reaction in the small company nothing actually happens with the small company. "It happens more often than we think," Balashov said in an interview with CBC News. In a research paper published by Rutgers University in 2019, Professor Vadim Balashov and co-author Andrei Nikiforov catalogued 254 instances of companies that saw fluctuations in their stock price related to events at another company that either had a similar name, or a similar stock ticker. The Canadian company is just the latest to become a beneficiary of a specific type of mistaken identity - one that sees investors pour money into one stock because they think it's another. That's more than double the usual daily volume.įacebook shares trade under the symbol FB, but in December, in keeping with the company's name change focusing on the metaverse, they will change their ticker symbol to MVRS. More than 12 million shares in the Canadian company with the ticker symbol MMAT changed hands during the trading session. announced it would be changing its name to Meta. Shares in Nova Scotia based Meta Materials gained 26 per cent in after-hours trading on the Nasdaq Thursday, after Facebook Inc. Shares in a relatively small Canadian materials company have been surging after some misguided investors apparently thought they were getting a deal on buying stock in the world's largest social media company.
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