Meta Materials, which trades under the ticket MMAT was up as much as 24% early on Friday, Bloomberg noted.

The mix-up left it as one of the most actively traded stocks on the day, with 11 million shares traded before mid-day. 1.35 million shares had changed hands in the pre-market session Friday, the report said. Obviously, Facebook's new name "Meta Platforms Inc." doesn't mean it is associated in any way with Meta Materials (as an aside, FB's new ticker will be MVRS).

• The name change, which was announced at the Facebook Connect augmented and virtual reality conference, reflects the company’s growing ambitions beyond social media.
• The re-branding also comes after the company has dealt with a barrage of news reports over the past month stemming from whistleblower Frances Haugen’s trove of internal documents.