Why the price of this worthless stock went soaring
The stock price of a company that went into receivership in 2009 came back to life this week, jumping from less than a penny to 10 cents a share, The New York Times reports.
Its ticker symbol is NEST, and the price spiked Tuesday, a day after Google announced that it had agreed to buy Nest Labs for $3.2 billion.
(Read more: Google to buy Nest for $3.2 billion in cash)
Since it is a private company, Nest does not trade and it does not have a ticker symbol.
The symbol that shares its name, NEST, refers to Nestor, a company that sold automated traffic enforcement equipment to state and local governments while it was still in business, the Times reported.
Nestor's assets were sold off but the entity itself was not, so the stock continues to exist, the newspaper said.
NEST was still trading at 4 cents a share on Wednesday afternoon.
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