"Zoom Video Inc" before IPO still confused with "Zoom Technologies Inc" stock. Shares explode +104%
Before the IPO of Zoom Video Communications Inc. today (Nasdaq: ZM) the similarly named stock Zoom Technologies Inc. (Nasdaq: ZOOM) rose 1400% in the last 30 days before dropping 77% yesterday. Today again interested shareholders buy the stock they do not intend to buy, bringing the penny stocks share price up 104% within one hour. The reality shock will probably kick in a soon as the real Zoom Video Inc. stock will be traded publicly and people will realize, that the stock is north of 35 USD and not 4 USD per share.