maybe this is the next play during shell week...ha ha
Many a truth is said in jest:
Mistaken Identity Bolsters
Shares of Tiny Company
By TERZAH EWING
Staff Reporter of THE WALL STREET JOURNAL
Of the many bizarre tales of stock trading in the Internet age, few can match this: Shares in a dormant penny-stock company soared 37,636% Tuesday before ending the day up 18,768%.
And it was all a case of mistaken identity.
The mix-up-in which a virtually worthless stock trading for 0.007 cent a share on Monday rose to 0.053 cent a share on Tuesday and then to as high as 20 cents Wednesday -- arose over what was briefly a shared stock symbol.
How did this happen? Internet firm AppNet Systems Inc., which is in the e-commerce business, filed late Monday for an initial public stock offering, expecting to trade under the symbol APPN on the Nasdaq Stock Market.
The next morning, without bothering to check out the facts first, investors began snapping up shares in Appian Technology Inc. An inactive circuit manufacturer, its shares still are listed but -- until this week -- were little traded on Nasdaq's OTC Bulletin Board under the same APPN symbol.
... To rectify the situation and avoid further confusion, a Nasdaq spokesman said the market already has taken away Appian Technology's existing symbol and assigned it a new one, APPG, to take effect Wednesday. When AppNet ultimately goes public, it will trade under APPN.
Appian Technology couldn't be located for comment. ...
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