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.
Shares of $ZOOM are up 50% today because video conferencing is expected to benefit from the coronavirus.
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.
— Ankit Panda (@nktpnd) February 27, 2020