|Bid||0.00 x 1400|
|Ask||0.00 x 4000|
|Day's Range||19.10 - 22.95|
|52 Week Range||8.96 - 31.30|
|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|
Overstock's CEO and Founder Patrick Byrne resigned Thursday. the move comes days after making comments about his involvement in the governments investigation in the 2016 election and “the deep state.” Yahoo FInance’s Editor-In-Chief Andy Serwer joined The Final Round and Dan Roberts to discuss.
"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.
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.
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 email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Chris Nagi, Courtney DentchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
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.
tZERO, the global leader in blockchain innovation for capital markets, through its tZERO Crypto unit, announced today its plans to offer to investors using both iOS and Android devices the ability to trade Ravencoin (RVN) on the tZERO Crypto app, in addition to bitcoin (BTC) and ethereum (ETH), which are already supported by the app. tZERO submitted the iOS version of its updated app to the Apple store yesterday and will be submitting the Android version later today. Once the apps are approved by Apple and Google, investors on both iOS and Android devices will be able to trade Ravencoin cryptocurrency (RVN) on the tZERO Crypto app.
Overstock Chief Executive Officer Patrick Byrne’s inexplicable comments about “the deep state” and his claims that he was a part of federal investigations related to the 2016 election has sent the online retailer’s stocks tumbling for the third day in a row. Over It Byrne released a statement titled “Overstock.com CEO Comments on Deep State” in which he says he helped law enforcement agents, whom he called the “Men in Black,” with their “Clinton Investigation” and “Russia Investigation,” referring to the investigations of whether Russia interfered in the 2016 election. The statement was in response to articles on the website of Fox News contributor Sara Carter. The Spy Who Loved Me Byrne admitted he was romantically involved with Maria Butina, who is now serving 18 months in prison after being accused by federal prosecutors of attempting to infiltrate political circles in the United States at the direction of the Russian government. Byrne claims that government officials instructed him on how to interact with her, and that he had previously cooperated with government investigations into the murder of a friend as well as what he refers to as a “shake up” of Wall Street from a decade ago. Stock It To Me Overstock had a strong second quarter earnings call last week, but that was all erased by the 36% drop the company has faced since Byrne’s statement was released on Monday. Byrne Unit Byrne is known as a free spirit, prone to strange sayings and behavior, including comparing Overstock’s cryptocurrency ambitions to Jonas Salk’s polio vaccine and has joked that the Securities and Exchange Commission should just move into the Overstock’s office space while it investigates Byrne’s upcoming tZero push blockchain project. The rapid drop in Overstock’s stock is being seen as yet more proof that even when a company is doing well, a CEO’s behavior can hurt their bottom line. Heck, just ask Elon Musk. -Michael Tedder Photo via Overstock.com