Zoom Confusion Strikes Again as Investors Hunt Coronavirus Plays
(Bloomberg) -- 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.
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.
It’s not the first time the wrong Zoom has surged, with Zoom Technologies shares soaring after Zoom Video’s IPO last year.
Read More: Which Zoom? Buyer Beware as IPO Fuels Mistaken-Identity Trades
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