The Palantíri were indeed remote seeing stones, so you could still say it's a good name for a company that wants to spy on people. But someone using a palantír could not read the thoughts of others any more than you could read the thoughts of someone you're watching through a camera. At least with a camera you might get sound and be able to eavesdrop on a conversation - the palantíri were seeing stones, they didn't transmit sound. Now they could also transmit the intended thoughts of a person, so two people using the stones could converse in thought, but it was more like talking without words than reading each others minds.

I don't really have much more in the way of a wall of text for this explanation, but if you're curious to know more about the palantíri, I'd recommend checking out their entry on the LotR Wiki.