|Bid||19.85 x 800|
|Ask||19.97 x 900|
|Day's Range||19.56 - 21.59|
|52 Week Range||8.96 - 31.05|
|Beta (3Y Monthly)||3.69|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 6, 2019 - Nov 11, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||44.00|
(Bloomberg Opinion) -- It’s kinda, sorta funny, I suppose, that Patrick Byrne resigned Thursday as chief executive of Overstock.com Inc. a week after issuing a bizarre press release bragging about his romantic entanglement with a Russian spy while also being involved with the “deep state” and the “Men in Black.” Just as it’s kinda, sorta funny that President Donald Trump canceled a state visit to Denmark because its prime minister told him she wouldn’t discuss his “absurd” idea of selling Greenland to the U.S.Except that Byrne (like Trump) has been prone to saying and doing unhinged things since at least the mid-2000s. What’s more, as Bloomberg Opinion’s Barry Ritholtz pointed out Thursday on Twitter, “He was a terrible CEO of a not very good company.”I began paying attention to Byrne in 2005, six years after he took over an online retailer and renamed it Overstock. That year, he held the looniest conference call I’ve ever heard. He claimed that there was a vast conspiracy to drive down Overstock’s shares orchestrated by someone he called the “Sith Lord.” He wouldn’t name the Sith Lord, but described him as “one of the master criminals of the 1980s.” He titled the conspiracy “the Miscreants Ball.”(1)At the same time — and this is what caught my attention — Overstock filed a lawsuit against Gradient Analytics, a research firm, and Rocker Partners, a hedge fund run by David Rocker and Marc Cohodes — yes, the very same Marc Cohodes who was the subject of my columns this week about MiMedx Group Inc. — that specialized in short-selling. Byrne claimed in the lawsuit (as I wrote at the time) “that they were acting in concert to hurt the company and manipulate its stock price.”It wasn’t long before Byrne was including certain financial journalists in the conspiracy. When a television interviewer asked him if he was accusing Herb Greenberg,(2) the great former MarketWatch reporter, of “helping others front-run” the company’s stock, he replied, “That’s correct.” His “thesis” was that Greenberg was taking orders from Rocker.That wasn’t the worst of it. Byrne became convinced that an illegal practice called “naked short-selling”(3) was Wall Street’s dirty little secret, and he devoted himself to rooting it out and exposing it. (Barron’s once described naked short-selling, rather aptly, as “the grassy knoll of the equity markets, denounced by crackpots, devotees of penny stocks, and troubled companies eager to divert attention from their failings.”)Overstock’s director of communications, Judd Bagley, would “friend” Byrne’s critics on Facebook, then publish the names of their friends on a website, especially those friends who could serve as “evidence” of a conspiracy. (I’m one of the journalists this happened to.) Byrne started a conspiracy-minded website called Deep Capture, the purpose of which was to smear his critics, myself included.If the purpose of all this was to silence us, it worked. I wrote three columns about Byrne, and then moved on. So did most of the other journalists who had once covered him and Overstock. Rocker, the rare short-seller willing to talk to reporters on the record, stopped giving interviews. The journalist (and my friend and former co-author) Bethany McLean once told an interviewer that in effect, Byrne had won, because his tactics had caused his critics to stop writing about him.Since his Deep Capture days, Byrne has found a different means to distract people from Overstock’s lousy performance: In 2015, he announced the formation of a company that would issue a cryptocurrency called tZero. For a while, at least, it worked. Between July 2017 and January 2018, the Overstock share price went from around $20 to almost $87. But it couldn’t last. With the company’s free cash flow negative $168 million in 2018, and its net income negative $169 million,(4) the stock sank back down to earth, bottoming out at $9.40 a share in June.Yet when he finally stepped down, it wasn’t because the company was losing money, or because the tZero effort was faltering, or because, as usual, Byrne was too busy with his side ventures to focus on the company he was supposed to be running. It was because he wrote a bonkers press release.On Thursday evening, Byrne was interviewed by CNN’s Chris Cuomo. Byrne claimed that FBI agents — including James Comey! — had instructed him to “rekindle” his relationship with the Russian spy, Maria Butina. Later that evening, as Cuomo discussed the interview with another CNN host, Don Lemon, he defended Byrne. “He’s not some lunatic or something like that,” he said.Clearly, Cuomo should have had a seat on the Overstock board.(1) Byrne later told me that his Sith Lord conference call was “one of the 10 proudest moments of my life.”(2) Alas, Greenberg has since left financial journalism and now runs his own investment research firm, Pacific Square Research.(3) Don’t ask.(4) According to Bloomberg data.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Stacey Shick at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Former Overstock.com Inc (NASDAQ: OSTK) CEO Patrick Byrne stepped down Thursday after two decades of running the company. Overstock held a party Tuesday to celebrate its 20th anniversary, and now is a "perfect time" to resign, as everything is in a "perfect place," Byrne told Fox Business. Byrne's resignation follows earlier reports of his involvement in an FBI probe given his relationship with a Russian citizen, Maria Butina, who was convicted of wrongdoing related to the 2016 U.S. presidential election.
FT subscribers can click here to receive FirstFT every day by email. Scrutiny of Facebook’s Libra digital currency has spooked some of the project’s early backers , with at least three privately discussing ...
The sudden resignation of Patrick Byrne, Chief Executive and founder of Overstock.com Inc., a week after he admitted having an affair with a Russian spy and giving important information to the “men in black” in Washington, was followed up with a lengthy interview in Forbes, where he sounded like someone on the lam in a film noir.
Shares of Overstock.com Inc. surged Thursday after controversial Chief Executive Patrick Byrne said he was severing ties with the company he founded 20 years ago, saying he was “too controversial” to remain in charge.
There has been a huge increase in the number of unwanted calls ,they’ve more than doubled since 2016. The agreement doesn’t include small, internet-base carriers—and that’s where big chunks of robocall activity originate. The jump came after its chief executive, Patrick Bryne, said he was resigning.
"While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member," Byrne said in a resignation letter addressed to shareholders on Thursday. In a letter to investors on Aug. 11, Byrne confirmed a report by Fox News contributor Sara Carter on her website that he had a personal relationship with Maria Butina, a convicted Russian agent currently in a U.S. prison.
Wednesday's bullishness faded on Thursday, with investors mostly spooked by this month's manufacturing activity. IHS Markit says the purchasing manager's index fell below the 50 level last month, for the first time since September 2009. The data jibes with a weak new orders figure.Investors were also conflicted about comments made by German Chancellor Angela Merkel, who suggested there may be a way to facilitate a no-deal Brexit by the Oct. 31 deadline. That news sent the British pound soaring, after sliding lower for months on fears that the United Kingdom's exit from the European Union would be abrupt, causing a ripple effect across the continent.Also holding the market back is lingering concern over last week's inversion of the yield curve.InvestorPlace - Stock Market News, Stock Advice & Trading TipsArturo Estrella, who first identified the connection between yield curve inversions and recessions, said in an interview that "It's impossible to be 100% sure about the future but I'd say the chances of a recession in the second half next year are pretty high."By the time the closing bell rang, the S&P 500 was lower by a 0.05%. The Dow Jones Industrial Average managed a 0.19% gain, and the NASDAQ Composite ended the day off by 0.36%. Top News in the Stock Market TodayOverstock (NASDAQ:OSTK) Chief Executive Officer Partick Byrne is stepping down from his post, effective immediately.Byrne, who founded Overstock 20 years ago, has spent the past several months focused on developing a blockchain-based venture. Last week, however, Byrne threw investors another curveball by saying he was involved in an investigation related to 2016 presidential election. He specifically referred to investigators as "Men in Black." Byrne also conceded he had been in a romantic relationship with Russian operative Maria Butina, who is now in prison for attempted crimes against the U.S. government. Byrne became too much of a liability. * 10 Undervalued Stocks With Breakout Potential Given its long-standing cadence of iPhone releases, investors were largely expecting Apple (NASDAQ:AAPL) to release its next iteration of the popular device in the coming month. Though still not official word from the company, Bloomberg's report adds credibility to the notion that Apple will indeed reveal three new iPhones in September. Two of them will be "Pro" models.It's a matter that's been brewing for some time, but will be coming to a head on Monday. That's when Johnson & Johnson (NYSE:JNJ) will most likely hear from an Oklahoma judge about its liability in the state's opioid epidemic. Oklahoma's attorney general argues that the drug company's sales practices fueled an addiction problem. The attorney general further argues that the problem ultimately claimed 6,000 lives and could cost the state as much as $17.5 billion to abate. Big MoversIt's still dealing with the fallout from its 737 debacle, but Boeing (NYSE:BA) at least caught a small break today on news that the U.S. Air Force has asked the company to upgrade the wings on more than 100 A-10 attack aircraft. The contract could be worth up to $1 billion.BA stock jumped more than 4% in response to the news. Although, some of that bullishness may have also been driven by hope on the 737 front. The company is reportedly planning to ramp up production beginning in February, suggesting airlines are starting to trust the fix being put in place now.Splunk (NASDAQ:SPLK), on the flipside, fell nearly 8% on Thursday despite a solid second quarter, weighed down by an acquisition that is proving less than popular.In its recently completed quarter, Splunk generated revenue of $516.6 million, up 33% year-over-year, driving a small improvement in profits. The software company, however, also announced it would be shelling out $1 billion to acquire cloud monitoring startup SignalFx. While the deal makes Splunk a more well-rounded organization, it's coming at a steep price.Keysight Technologies (NYSE:KEYS) soared over 12% today after last quarter's earnings beat inspired an upgrade. For its fiscal third quarter, Keysight reported record revenue of $1.09 billion, up 8%, and beating expectations of $1.05 billion. Earnings of $1.25 per share were much better than the expected $1.02, prodding Baird to upgrade KEYS stock to "Outperform."Baird analyst Richard Eastman explained "While we acknowledge trade-related impacts on the macro-economy remain risks, our concerns re: Huawei restrictions and related knock-on effects through the tech supply chain have turned out (thus far) to be less restraining to KEYS' growth (esp. in China, 2Q/3Q both +DD%) than our (and the tech industry's) initial calculation."As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Marijuana Stocks That Could See 100% Gains, If Not More * 11 Stocks Under $10 to Buy Now * 6 China Stocks to Buy on the Dip The post Stock Market Today: Boeing Takes Flight, Manufacturing Slumps appeared first on InvestorPlace.
Investing.com - Chief executives and founders fall on their swords for any number of reasons, but the series of events that led Overstock.com (NASDAQ:OSTK) founder and chief executive Patrick Byrne to quit on Thursday may well be talked about for some time.
Longtime Bitcoin supporter Patrick Byrne had become the target of controversy after commenting on his involvement in the FBI-Russia investigation.
(Bloomberg) -- Patrick Byrne finally gave his critics the flameout they’ve been predicting for years.In a 1,600-word email statement in which he vowed to disappear “for some time,” Byrne, 56, resigned as chief executive officer and board member of Overstock.com, the online retailer he’s led for 20 years.In a series of public announcements the last two weeks, the flamboyant entrepreneur cited entanglements with the “deep state” that included cooperating with law enforcement agents he called “Men in Black” with their “Clinton Investigation” and “Russia Investigation.” Byrne said he’d been romantically involved with Maria Butina, a Russian operative jailed for failing to register as a foreign agent. When it came to explaining how these confessions fit together, and why they forced his resignation, Byrne has proved less than coherent.“While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock,” Byrne wrote in the Thursday statement.Byrne’s bizarre comments -- contained in today’s statement, in an Aug. 12 release and a New York Times interview published Aug. 15 -- come as little surprise to followers of his career. After all, this is the e-tail impresario and cryptocurrency and blockchain evangelist who espoused grassy-knoll theories about Wall Street and the evil -- and unnamed -- “Sith Lord” hedge fund manager who conspired to take him down.He likened Overstock’s crypto ambitions to Jonas Salk’s polio vaccine and joked on a conference call in recent weeks about loaning office space to the Securities and Exchange Commission amid an investigation into the company’s tZero blockchain push.Byrne has talked about the dark underbelly of Wall Street, been spoofed in the tabloids with UFOs hovering over his head and accused journalists of performing sex for access. He launched Overstock in 1999 as a sort of Internet garage sale.His departure takes effect Thursday. He’ll be succeeded by director Jonathan Johnson on an interim basis. Johnson has been with the company for nearly 17 years and recently served as president of Overstock’s blockchain business, Medici Ventures.Confused InvestorsPassages in Byrne’s Aug. 14 release bewildered investors and left some wondering about his stability. The statement quoted Byrne as saying the probes were “less about law enforcement and more about political espionage.” He elaborated in the Times interview, saying he went public this month because of concern about the U.S. government’s prosecution of Butina, who is serving an 18-month prison sentence.Butina is a self-styled Russian gun-rights activist who befriended senior officials from the National Rifle Association and Republican Party in the run-up to the 2016 election. Aspects of Byrne’s story remain fuzzy, but some of it can be fashioned from the Times’s account of its interview with him, Overstock’s statements and articles published on the website of a Fox News contributor named Sara Carter, which Byrne “confirmed.”In those, Byrne is depicted as becoming involved with Butina after they met in 2015, growing suspicious of her as she pressed for information on Donald Trump and Hilary Clinton, notifying the FBI of their interactions, then coming to regret the handling of her prosecution.Overstock shares surged as much as 18% Thursday after the announcement and later pared the gain to 10%. Before climbing, shares had lost nearly a quarter of their value since the company published his comments on Aug. 12. The stock had gained 85% this year before last week’s statement. Stock catalyst“This is a tremendous catalyst for the stock,” said D.A. Davidson’s Tom Forte, one of two Wall Street analysts covering Overstock. “I think the latest controversy was one too many.”Overstock has been considering a sale of its online retail business and Byrne’s departure will probably accelerate that process, according to Forte, who is bullish on Overstock.“I think his legacy will be the shareholder value created on the blockchain investments,” he said. “He saw the writing on the wall early on.”For all his weird, inspired and ill-considered pronouncements, Byrne was done in not by something he said, but by his relationship with a Russian operative. How long he remains out of the public eye is one more mystery in his volatile life story.\--With assistance from Bob Ivry.To contact the reporter on this story: Jeran Wittenstein in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Chris Nagi, Courtney DentchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Overstock CEO Patrick Byrne is resigning due to the scandal surrounding his romance with an alleged Russian spy.Source: Shutterstock The Overstock (NASDAQ:OSTK) CEO addresses the issues in a recent news release from the company. In it, he says that his continued leadership of the company could lead to problems for the business. He also notes that the controversial nature of the news is too much for him to continue to serve as the CEO of the company.Here's a portion of that letter from now former Overstock CEO Patrick Byrne.InvestorPlace - Stock Market News, Stock Advice & Trading Tips"Coming forward publicly about my involvement in other matters was hardly my first choice. But for three years I have watched my country pull itself apart while I knew many answers, and I set my red line at seeing civil violence breaking out. My Rabbi made me see that "coming forward" meant telling the public (not just the government) the truth. I now plan on leaving things to the esteemed Department of Justice (which I have doubtless already angered enough by going public) and disappearing for some time." * 10 Marijuana Stocks That Could See 100% Gains, If Not More Overstock CEO Patrick Byrne stepping down also has him leaving his seat on the Board of Directors. Dr. Kamelia Aryafar is taking over this seat from the former CEO. Jonathan Johnson III is also going to be serving as the interim CEO of Overstock. The company didn't reveal any details about searching for a permanent replacement for Byrne.OSTK stock was up 6% as of Thursday afternoon. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Marijuana Stocks That Could See 100% Gains, If Not More * 11 Stocks Under $10 to Buy Now * 6 China Stocks to Buy on the Dip As of this writing, William White did not hold a position in any of the aforementioned securities.The post Overstock CEO Patrick Byrne Resigns Over Russian Romance Scandal appeared first on InvestorPlace.
Shares of Overstock.com Inc. soared 15% in midday trading Thursday, after controversial Founder and Chief Executive Patrick Byrne resigned from discount e-commerce site Thursday, effectively immediately, saying he was "far to controversial" to serve as CEO. The resignation comes after Byrne said last week that he had assisted in the Clinton and Russian investigations, and was actually the notorious missing "Chapter 1" of the Russian investigation. He also said he was romantically involved with jailed Russian agent Maria Butina. In a letter to shareholders Thursday, Byrne said he was concerned that his going public about "certain government matters" may affect and complicate strategic discussions regarding the retail business. "Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday August 22," Byrne wrote. The company named board member Jonathan Johnson as interim CEO. Byrne had launched Overstock.com in late 1999. The stock has run up 64.6% year to date, while the Amplify Online Retail ETF has climbed 23.5% and the S&P 500 has gained 16.5%.
Overstock.com, Inc. (NASDAQ: OSTK) CEO Patrick Byrne has resigned. Jonathan Johnson will take over as interim CEO and Kamelia Aryafar as a board member and executive vice president of Overstock Retail. "In his twenty years as Overstock's leader, Patrick's vision for Overstock as an innovation leader has come to fruition.
Overstock.com Inc Chief Executive Officer Patrick Byrne resigned on Thursday, a week after saying he was involved in a Federal Bureau of Investigation probe into Russia and former U.S. presidential candidate Hillary Clinton. "In July I came forward to a small set of journalists regarding my involvement in certain government matters," Byrne said in a letter to shareholders.
Allison Abraham, the Chair of Overstock.com, Inc.’s (OSTK) Board of Directors, announces the appointment of Mr. Jonathan E. Johnson III as its Interim Chief Executive Officer and Dr. Kamelia Aryafar as member of the Board of Directors in the wake of the resignation of Dr. Patrick M. Byrne as CEO and member of the Board. Johnson has been with the Company for nearly 17 years and serves on the Board and as the President of Medici Ventures, the company’s wholly owned subsidiary focusing on blockchain innovation.
In three of those fields (land governance, central banking, and capital markets) the word “trillions” comes up when calculating the disruptive opportunity of blockchain. In those three fields, our blockchain progeny (Medici Land Governance, Bitt, and tZERO, respectively) are arguably the leading blockchain disruptors in existence.
The executive quits a week after claiming he played a key role in the investigation into Russia's alleged interference in the 2016 U.S. presidential election.
Patrick Byrne, the outspoken chief executive of the online retailer Overstock.com, quit the company he ran for 20 years on Thursday after a series of extraordinary public statements that lopped one-fifth off its stock market value. The resignation is the culmination of a controversy that began last week when Mr Byrne declared — in a press release titled “Overstock.com CEO comments on Deep State, withholds further comment” — that he had been involved in US government investigations into former presidential candidate Hillary Clinton and Russian election interference. “While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock,” Mr Byrne wrote in a letter to shareholders on Thursday.