Woops, wrong Zoom: Investors thought they were buying Zoom stock...

4/9/20 8:00PM

It's fair to say Zoom has had a big few months. Its user base has increased twenty-fold, and share price has more than doubled, as it has become become the go to communications tool for millions of us at home. But, there's been another beneficiary of its success as well... enter Zoom Technologies, a tiny company with absolutely no affiliation to the video conferencing company you're familiar with.

Sometimes it's better to be lucky than smart...

It seems as though some people who thought they were investing in Zoom Communications (the real one) were actually buying Zoom Technologies (the other one) by accident. Those mistakes pumped the share price of the wrong Zoom up by 1800% at one point -- a tidy return to anyone who made the mistake early and benefited from others doing the same later.

To try and minimize the confusion and protect investors the SEC actually had to suspend trading in Zoom Technologies for a brief period.

Fool me once, shame on you. Fool me twice…

This isn’t even the first time this has happened. When Zoom Communications went public in April 2019, uninformed investors also poured money into Zoom Technologies, which saw its share price go from less than a cent to almost $6 in about a month.

Do these mistakes happen often on Wall Street?

Surprisingly... yes. Similar looking tickers have misled other investors in the past. When Twitter (TWTR) went public in 2013, investors bought Tweeter Home Entertainment (TWTRQ) which on one day increased by 1,500%. And in 2017 when Snapchat (SNAP) went public, the stock price of Snap Iterative soared 164%.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.