Shares of Zoom Technologies Inc., a Beijing-based maker of mobile phone components with a market value of just $18 million, have more than doubled this week as investors bet on companies that could benefit if coronavirus fears push people to stay at home.
Sign up for our daily coronavirus newsletter by clicking on this link, and please send any tips, leads, and stories to virus@time.com.
There’s just one problem — its ticker is ZOOM, but investors may be thinking of California-based Zoom Video Communications, known for its online video-conferencing platform that could help people work and study from home. That company’s ticker is ZM, and its shares have risen about 11% this week amid widespread market turmoil.
Shares of $ZOOM are up 50% today because video conferencing is expected to benefit from the coronavirus.
One small problem. It’s wrong company. Zoom is $ZM.$ZOOM has been out of business for years.
Score one for efficient markets!
— Eddy Elfenbein (@EddyElfenbein) February 27, 2020
It’s not the first time the wrong Zoom has surged, with Zoom Technologies shares soaring after Zoom Video’s IPO last year.
- LeBron James Could Take Pickleball—Yes, Pickleball—to the Next Level
- It's Going to Be a Lot More Expensive to Heat Your Home This Winter. Here's What To Expect
- The U.S. Might Be the Surprising Determining Factor in the Future of Armenia
- Rapper Saucy Santana Is Opening a Door For His Community
- Here are the Biggest Moments from the TIME100 Leadership Forum and Impact Awards in Singapore
- Column: Russia Wants to Lock Ukraine Back in the Soviet Cellar
- As the Kanjuruhan Tragedy Shows, Indonesia Has Not Resolved Its Long-Standing Problem of Soccer Violence
- Here's Everything New on Netflix in October 2022
- A New Documentary Series Illuminates the History and Evolution of Queer Horror
