8.29 +0.16 (1.97%)
After hours: 4:41PM EST
|Bid||8.11 x 3200|
|Ask||8.12 x 1000|
|Day's Range||7.60 - 8.30|
|52 Week Range||7.60 - 29.75|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Overstock.com shares plummeted on Tuesday, with the stock dropping to its lowest level in more than seven years as it extended its longest streak of losses in more than a decade.The slump came after the e-commerce company reported third-quarter results that missed expectations, and which featured a 21% drop in revenue from the prior year. It also filed for a possible offering of stock of up to $150 million of shares offered from time to time through a sales agent, JonesTrading, under a Capital on Demand sales agreement. The size of the potential offering is large relative to the size of the company overall; Overstock currently has a market capitalization of about $278 million.The size of the offering “suggests the potential for a significant amount of dilution,” said Tom Forte, an analyst at D.A. Davidson, who added that the move was a “logical” one for Overstock to take.“I don’t know if I should use the term ‘safety blanket,’ but this could be the bridge to a point in time where retail business generates enough cash flow to fund Overstock’s blockchain investments.”Davidson is currently the only firm tracked by Bloomberg that covers the stock. Forte has a buy rating on the shares, which he reiterated in a phone interview, saying he viewed both the retail business and the blockchain business as undervalued.The stock dropped as much as 19% and was trading at its lowest level since July 2012. Shares were on track for their ninth straight daily decline, the longest losing streak since a 10-day drop that ended in October 2008. Overstock shares have lost about 24% of their value over the nine-day decline, and are down 70% from a September peak. Much of that selling was related to a cut forecast and the resignation of its chief financial officer.In a conference call that followed the results, Overstock also detailed its plans with respect to a digital dividend.“The clarity that was provided was mainly on the timing and calendar,” Forte said. “I don’t feel like we learned anything new, but the call reaffirmed that it is moving forward with the digital dividend, which is encouraging.”\--With assistance from Nick Lichtenberg.To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The company’s third-quarter earnings report showed continued shriveling of its core e-commerce business.
Overstock.com Inc. said Tuesday the Securities and Exchange Commission subpoenaed the company in October requesting documents relating to its plan to offer a digital dividend. In a filing with the SEC, the e-commerce company said it also received requests regarding its communications with former Chief Executive Patrick Byrne, who resigned dramatically in August amid claims of involvement in political conspiracies. The SEC has also requested the 10b-5-1 plans of officers and directors that were in effect from Jan. 1, 2018 to Oct. 7, 2019. The company said it is cooperating with the regulator and has incurred "significant legal fees and other expenses" in connection with the probe. Shares were down 9% in early trade and have lost 37% in 2019, while the S&P 500 has gained 23%.
Invesitng.com – Overstock slumped to a seven-year low Tuesday after the online retailer reported a larger loss than expected as efforts to rein in marketing activities hurt sales.
Overstock.com Inc. shares slid 5% in premarket trade Tuesday, after the online retailer posted a wider-than-expected loss and softer-than-expected revenue for the third quarter. Salt Lake City, Utah.-based Overstock said it had a net loss of $30.9 million, or 89 cents a share, in the quarter, after a loss of $47.9 million, or $1.55 a share, in the year-earlier period. Revenue fell to $347 million from $441 million. The FactSet consensus was for a loss of just 56 cents a share and revenue of $376 million. The company and its stock had an eventful quarter, during which its Chief Executive Patrick Byrne dramatically resigned amid claims of deep involvement in international political conspiracies. Byrne sold all his stock - more than 13% of the company - in a three-day sales binge. His resignation was followed by that of the company's CFO Greg Iverson, and the collapse of plans for a "digital dividend." Shares have fallen 31% in 2019, while the S&P 500 has gained 23%.
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"You have a very volatile stock that has had recent peaks and valleys," said analyst Tom Forte of D.A. Davidson. Overstock has been swinging wildly since August, when then-CEO Patrick Byrne issued a bizarre press release about his alleged involvement with "Men in Black" and alleged political conspiracies. "Starting in 2015 I (operating under the belief that I was helping legitimate law enforcement efforts) assisted in what are now known as the 'Clinton Investigation' and the 'Russian Investigation,'" he wrote.
Overstock.com Inc. said Tuesday it has registered an Form S-3 with the Securities and Exchange Commission for its digital preferred stock. "This filing represents an initial step in the company's registration of the OSTKO dividend, and the company is engaged in active discussions with regulatory authorities to obtain approval of the registration," Chief Executive Jonathan Johnson said in a statement. "This dividend will be a great introduction for many to how blockchain technology can enhance the investor experience," he said. Overstock's plan to issue a digital dividend was drawn up under its controversial former CEO Patrick Byrne, who left the role in August and sold his entire stake in the company last week. Shareholders are to receive one share of Series A-1 preferred stock for every 10 shares of Overstock common stock, but they must set up an acdount with Dinosaur Financial Group to access an alternative trading system called PRO Securities that is operated by Overstock's blockchain subsidiary, tZero. Shares rose 8.6% in premarket trade Tuesday. On Monday, the stock fell more than 25% after the company's CFO quit and it admitted that the retail business is in worse shape than expected. The stock has lost 18% of its value in 2019, while the S&P 500 has gained 19%.
Overstock.com Inc. shares lost more than a quarter of their value Monday, the worst single-day performance for the stock in more than a decade.
There have been signs of a slowdown in Europe’s economy for a while now. The European Central Bank just started buying bonds again to try to stave off a downturn. Walt Disney (DIS) and (AAPL) (AAPL) are introducing their own streaming services.
Overstock.com Inc (NASDAQ: OSTK ) shares were trading lower Monday after the e-commerce company revised its third-quarter retail guidance and announced Jonathan Johnson will take over as interim CEO. ...
The controversial e-tail and blockchain company said it now expects a break-even third quarter on an adjusted Ebitda basis for its retail operations; previous guidance was for a profit of $17.5 million.
Overstock.com Inc. shares slid 10% in premarket trade Monday, after the company named a new CEO but also revised down its retail guidance for the full year. The online marketplace said it has named insider Jonathan Johnson as its chief executive, replacing former CEO Patrick Byrne, who resigned in August and last week sold all of his Overstock stock. Johnson joined the company in 2002 as general counsel and has held various roles, including five years as president. The company named Robert Hughes as acting chief financial officer from his role as president of Medici Land Governance. Hughes was senior vice president finance and risk management at Overstock for fives years and vice president and controller for four years, starting in late 2008. The company further said it is reducing its guidance for adjusted EBITDA from its retail business in 2019, which previously forecast "significant positive EBITDA" but is now only at break-even. It cited five reasons for the revision; increased costs caused by tariffs on goods made in China; higher insurance premium, waning consumer confidence that has hurt conversion on high dollar purchase active across the retail industry; the recent bankruptcy of in-home delivery vendor Watkins and the delayed integration of a new freight carrier that has increased freight costs; and increased search traffic that has taken longer to turn into purchases. Shares have gained 10% in 2019, while the S&P 500 has gained 19%.
Overstock.com announced Monday it named interim CEO Jonathan Johnson as its permanent chief, about four weeks after former CEO Patrick Byrne stepped down from the job, but the stock was tumbling after the company revised its guidance lower. Johnson has been serving as the interim CEO since Aug. 22. "Jonathan is a strong leader with a steady hand," said Allison Abraham, chairwoman of Overstock's board.
Patrick Byrne’s final parting shot as Overstock CEO led to a huge move by short sellers to cover the positions, and after Byrne, who stepped down last month, sold off his entire stake, many are questioning whether he manipulated the market.
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