Two Zooms are soaring after IPO: Did you buy the wrong one?
Nasdaq is ready for the Zoom IPO, Thursday, April 18, 2019 in New York. The videoconferencing company is headquartered in San Jose, California. (AP Photo/Mark Lennihan)
The Associated Press
Published Thursday, April 18, 2019 1:19PM EDT
NEW YORK -- One IPO, two stocks Zooming higher.
Investors on Thursday pounced on their first chance to buy shares of Zoom Video Communications, the video-conferencing company that had its initial public offering of stock. Shares opened higher by 81%.
But others may have mistakenly bought Zoom Technologies, a company whose stock was trading for less than a penny in February and whose shares were delisted from the Nasdaq in 2014.
Shares of Zoom Technologies -- ticker symbol "ZOOM" versus "ZM" for the ballyhooed IPO -- surged as much as 124.5% Thursday. Even after its leap, its total market value is less than one-thousandth of the more famous Zoom.
It leaped an even bigger 1,100% in March when Zoom Video Communications filed its IPO. Its shares closed that day at 6 cents.