|Bid||0.00 x 1100|
|Ask||0.00 x 900|
|Day's Range||24.57 - 29.75|
|52 Week Range||8.96 - 29.75|
|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|
Activision Blizzard (ATVI) rose 54 cents to $55.45 on 10.9 million shares Thursday, more than 1 1/2 times its average volume. The move, on an analyst upgrade of the electronic gaming company, popped the stock to as high as $57.52 intraday, above lateral resistance, before it backed off. Lattice Semiconductor (LSCC) jumped 88 cents, or 4.3%, to $21.01 on no news.
The market didn't end yesterday's session at its high, but the 0.29% gain the S&P 500 was able to hang onto still translates into the third-straight winner. The Dow Jones Industrial Average logged its seventh consecutive win, with both indices still buoyed by renewed hopes that trade ties with China are on the verge of improving.Source: Shutterstock Overstock.com (NASDAQ:OSTK) led the charge with its 17% advance. Shares of the e-commerce platform continued the rally spurred by an upgrade from D.A. Davidson tendered earlier this week. Advanced Micro Devices (NASDAQ:AMD) offered up a meaningful helping hand too, gaining 1.5% because it's one of the more pronounced beneficiaries of a more accommodating trade environment.Holding the market back more than any other was Oracle (NYSE:ORCL), down 4.3% in response to last quarter's lackluster revenue growth, which was underscored by the announcement that Co-CEO Mark Hurd will be taking medical leave to attend to an unnamed health-related matter.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Big IPO Stocks From 2019 to Watch None of those names are particularly well-suited trading prospects headed into today's action, however. Instead, take a look at the stock charts of Electronic Arts (NASDAQ:EA), Centurylink (NYSE:CTL) and Wynn Resorts (NASDAQ:WYNN). Here's why. Centurylink (CTL)A little over a month ago, Centurylink was featured as a noteworthy name thanks to a repeated effort to break past a major technical ceiling. Although not yet over that hump, a string of higher lows and improving technical support suggested such a move was only a matter of time.That happened, in spades. In fact, the sheer speed of the breakout was enough to push CTL stock beyond another major technical barrier. Although now overextended and ripe for some profit-taking, the entire sequence of events says the path of least resistance is now upward. * Click to EnlargeThe ceiling at $12.43, plotted in blue on the daily chart, was the technical ceiling in question. Centurylink peaked there twice in July, but didn't flinch at that level earlier this week. * The strength of the move carried CTL stock past the 200-day moving average line as well, marked in white on both stock charts. The whole move also unfurled on above average volume. * Although ripe for a pushback, the fact that the 20-day moving average line is now above the purple 50-day line, and the fact that the 50-day line is above the 100-day moving average line is telling. Any stumble should be short-lived. Wynn Resorts (WYNN)After a rough 2018, a choppy 2019 is a relative win for Wynn Resorts. Technical support around $103, marked as a red dashed line on both stock charts, gets much of the credit for escaping would could have turned out to be a move to lower lows.There may still be trouble ahead, however, despite the bullishness we've seen so far this month. WYNN stock is already slowing as it nears what's known to be major resistance, and another clue says the damage has already been done. * 10 Battered Tech Stocks to Buy Now * Click to EnlargeThe resistance line in question is the convergence of the purple 50-day moving average line and the white 200-day moving average. Wynn Resorts shares only had to get near them on Thursday to start peeling back. * Simultaneously, the 50-day moving average line has now crossed back under the 200-day moving average. This so-called "death cross" is a hint that the bigger-picture undertow is bearish despite the recent gains. * Even if the rally isn't quelled here, there's another impending ceiling. The yellow dashed line that connects the key peaks going back to the early 2018 high could still stop the advance. Electronic Arts (EA)Finally, the implosion Electronic Arts shares suffered last year hasn't persisted into this year. In fact, EA stock looks like it's been trying to stage a full recovery of that meltdown.It hasn't done that yet, and may never actually do so. There are several major clues that suggest that rebound is more likely than not though. And, the chart has drawn some clear lines in the sand that will make clear if and when the stock moves into full-breakout mode. * Click to EnlargeThe most important line in the sand is the line that connects the lower highs seen since February's peak, plotted in yellow on both stock charts. This week's lull makes clear traders are hesitant to push past it. * Nevertheless, the convergence of all the key moving averages since June is bullish in and of itself. Better still, we're close to seeing a renewed bullish cross where the purple 50-day line moves above the 200-day moving average. * It's also not likely to be a mere coincidence that the area standing in the way of more upside lies right around a Fibonacci retracement line near $103. Moving above it should also be catalytic.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 Big IPO Stocks From 2019 to Watch * 7 Discount Retail Stocks to Buy for a Recession * 7 Stocks to Buy Benefiting From Millennial Money The post 3 Big Stock Charts for Friday: Electronic Arts, Centurylink and Wynn Resorts appeared first on InvestorPlace.
tZERO, the global leader in blockchain innovation for capital markets, announced today that it has partnered with BLOQ FLIX, LLC, the first blockchain entertainment financing company, to provide technology services to tokenize BLOQ FLIX’s finance options for the entertainment business.
After almost 20 years as CEO of Overstock (NASDAQ:OSTK), Patrick Byrne resigned from the company and board August 22. The highly controversial leader's resignation caused OSTK stock to briefly jump by more than 15%. However, shares dropped to $15 by the beginning of September.Source: Shutterstock As I write this, Overstock stock has recovered most of those losses trading around $20. Still, it's well below its January 2018 all-time high of $89.80.My InvestorPlace colleague, Dana Blankenhorn, recently highlighted logistics consultant Brittain Ladd's belief that Byrne should have been fired years ago. It's hard to argue with that sentiment. Byrne was not the man or woman you would want running the local McDonald's (NYSE:MCD), let alone a company with more than 2,000 employees and revenues of more than $1.8 billion.InvestorPlace - Stock Market News, Stock Advice & Trading TipsPerhaps it was Byrne's family's relationship with Warren Buffett that kept the board at bay all these years. Or maybe it was Byrne's significant ownership stake in the company. Whatever the case, Byrne is gone from the company. Currently, Jonathan E. Johnson III, the head of its Medici Ventures blockchain subsidiary, is running Overstock on an interim basis. * 10 Stocks to Sell in Market-Cursed September Anybody but Byrne would be a better CEO at this point. As my colleague stated about OSTK in August, it's hard to see any future for the company. Or for that matter, Overstock stock.That said, I'm sure some would choose to speculate on OSTK stock.Is $15 the buy zone? Or should you wait for single digits? It Isn't Worth $15In March, I suggested that speculative investors might be interested in buying OSTK stock below $15. That's because Byrne might sell its hugely unprofitable retail business to focus on its blockchain investments.Of course, we know that never happened under Byrne's watch. But as recently as the end of June, the former CEO is on record suggesting offers were possible."Two very attractive acquirers that I would have put high up on my list have shown up," Byrne said June 25 at the Fortune Brainstorm Finance conference in Montauk, New York. "People have seen that our earnings have turned."How much could Overstock get for a business that saw revenues decrease by 23% in the second quarter while reducing its loss by 62%, from $64.9 million in the second-quarter 2018 to $28.2 million this past quarter?Wayfair's (NYSE:W) gross profit margin in Q2 was 23.9%. It trades at 1.4-times sales. In the latest quarter, Overstock's retail business had a retail gross margin of 19.7%. OSTK trades at 0.4-times sales.Let's assume that its retail business could go for halfway between Wayfair's multiple and its own. That would mean a multiple of 0.9 or $1.47 billion based on trailing 12-month revenue of $1.63 billion.This assumes that the company could find someone to buy its retail operations. Secondly, GARP Research analyst Bill Baker stated in February that he thought Overstock could fetch $100 million for its retail business, a far cry from $1.5 billion. OSTK Stock Below $10 Might Be A BuyLet's assume Overstock could get $100 million for its retail business. At a current market capitalization of $721 million, this suggests the blockchain businesses are worth $621 million or $17.64 a share.Medici and tZero generated tremendous losses in the second quarter from just $6.2 million in revenue. This means that the blockchain assets would have to be worth significantly more than what the balance sheet says they are or as a multiple of sales or earnings.Frankly, I don't think there's a hope in Hades that its blockchain assets are worth anywhere near $18 a share.However, below $10, a speculator might bet on those assets adding up to more than $350 million on a combined basis.With or without Patrick Byrne, I wouldn't go near OSTK stock unless "risk" is your middle name.At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell in Market-Cursed September * 7 of the Worst IPO Stocks in 2019 * 7 Best Stocks That Crushed It This Earnings Season The post Is Overstock a Buy Below $10? appeared first on InvestorPlace.
At Home is doing what it can to navigate President Trump's trade war with China. CEO Lee Bird joins Yahoo Finance to talk about the war's impact on the retailer.
While we are sad to see him go, I can assure you that Patrick’s departure will have no impact on tZERO’s day-to-day operations or the execution of our roadmap. Jonathan Johnson, who continues to be the Chairman of tZERO’s board and oversees our parent company, Medici Ventures, also assumed the role of Interim CEO of Overstock. Jonathan is a great leader and a champion for blockchain and its potential as a disruptor in a number of ecosystems, particularly its application to the capital markets through tZERO.
SALT LAKE CITY, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (OSTK) recently showcased its marketing innovation and customer focus by launching a completely dynamic and real-time email experience. The personalized customer experience leverages Overstock’s proprietary technology built to create a real-time streaming platform. This initiative will deliver a more engaging experience in one of Overstock’s most important loyalty channels.
Overstock (NASDAQ:OSTK) is a noteworthy name on the stock market these days, not for good or bad performance, but for the sheer weirdness of the news that seems to come out of the company -- particularly the C-Suite. Whether it's claiming that Overstock is now a blockchain company and that its retail business would be sold off by February or claiming that the blockchain (with Overstock's help) can solve poverty, CEO Patrick Byrne has a history of announcements and headlines that make investors stand up and say "huh?"But the weirdness, at least for OSTK itself, may finally be coming to an end. For the first time in Overstock history, Patrick Byrne is no longer at the helm. The always-interesting CEO stepped down last week, amid his own statements about the Deep State and revelations of an affair with a Russian agent.So at this point, what is Overstock? And how did it get here? It's always been one of those names, like Tesla (NASDAQ:TSLA) or Amazon (NASDAQ:AMZN) that's difficult to separate from its CEO. Can OSTK go on, and even thrive, without Byrne in charge?InvestorPlace - Stock Market News, Stock Advice & Trading TipsFirst, though, here are some memorable events from the history of Overstock and Patrick Byrne. Patrick Byrne Before Overstock (1962-1999)America loves a story of someone starting from nothing, pulling themselves up by their bootstraps and becoming incredibly successful.Patrick Byrne does not have one of those stories.Patrick Byrne came from anything but humble beginnings. His father is John J. Byrne, a friend of Warren Buffet and was CEO of GEICO when Buffet made his original investment. He grew up with not just his father, but Buffett himself as a mentor who he still refers to as his Rabbi.In his twenties, Byrne also battled testicular cancer three separate times and earned his Ph.D from Stanford. Byrne and his two brothers started a number of business ventures bankrolled by their father, often buying struggling real estate and selling it for a profit.When Byrne was just 36, Buffett appointed him temporary CEO of Fechheimer Brothers, a Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) company. He had a 18-month tenure there that included both making sweeping changes to infrastructure and challenging union leaders to a fistfight. Shockingly, no one chose to fistfight the CEO and personal friend of Warren Buffet and instead gave in. The Origins of Overstock (1999-2004)In 1999, Patrick Byrne purchased Deals.com, a company specializing in liquidating excess inventory. The company was renamed and relaunched as Overstock.com. According to Overstock, the New York Times listed the site has having the 1 largest percentage gain in average daily visitors.The timing for such a venture was perfect. Overstock was ramping up just as the dot-com bubble burst, leaving behind a plethora of companies looking to sell off inventory and office supplies. The company went public in 2002. And by the end of 2004, OSTK was trading in the $60-range, levels it would not see again until the crypto craze of 2017. Overstock's Crusade Against Naked Short Selling (2005)The perpetual problem with massive tech companies is that they often struggle to actually turn a profit. This was the case for Overstock, and in 2005, the OSTK stock price began to reflect that.Byrne however, blamed other forces.Overstock sued research firm Gradient Analytics and hedge fund Rocker Partners (later Copper River, which met its end during the 2008 financial crisis). The claim was that the firms had colluded. He believed Gradient was critical of Overstock in its reports so that Rocker could benefit from the price falling.According to Forbes:"In a now-infamous August 2005 conference call, [Byrne] ranted about how hedge funds, journalists and regulators were conspiring to push down the company's stock price under the direction of some faceless menace he called the 'Sith Lord.'"In February 2007, Overstock and Byrne filed a $3.5 billion lawsuit against 11 Wall Street giants including Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citibank (NYSE:C) and Merrill Lynch. Byrne accused the firms of conspiring against OSTK to drive down prices and engaging in mass amounts of naked short selling (short selling without first borrowing the underlying stock). The suit alleged that sometimes more than the total shares outstanding were subject to naked short selling, while Nasdaq data at the time indicated only about 35% of the float was sold short. The Results of the Crusade Against Short Selling (2008-20016)Gradient and Copper River both eventually settled with Overstock. Gradient settled in 2008, paying an undisclosed amount and apologizing for selective pieces of what Overstock alleged. The firm did not retract its characterization of OSTK as a risky investment. Copper River also settled, but admitted no wrongdoing. It settled after the company had gone bankrupt and been liquidated in order to avoid the costs of litigation.Despite neither admitting full wrongdoing, Byrne issued a note following the Copper River settlement beginning with "the good guys won" and only getting stranger from there. He claimed vindication for his claims due to the exposure and subsequent downfall of Jim Cramer (who is possibly screaming at you from your TV set as you read this) and Elliot Spitzer, who was elected governor of New York after Byrne's initial claims. Spitzer was brought down by a prostitution scandal that to my knowledge had nothing to do with short selling.The claims against the brokerages were eventually whittled down to just Merrill Lynch and Goldman Sachs, both of whom eventually settled. A California court did find that there was possibly a case against Goldman Sachs, but that California lacked jurisdiction over the matter. Merrill Lynch did not settle until 2016, but eventually agreed to pay $20 million.The fight was costly in terms of Overstock leadership. Two directors left the company and Byrne's own father threatened to resign from the board."I think he won the battle but lost the war when it came to naked short-selling," says Tom Forte, long-time OSTK analyst. Libel Suit Against Patrick Byrne (2011)In 2011, a Canadian businessman Altaf Nazerali sued Byrne, his website DeepCapture.com and one of its writers, Mark Mitchell. The suit was over articles that "falsely portrayed Nazerali as a gangster, arms dealer, drug trafficker, financier of al-Qaida and member of the Russian and Italian Mafias."Byrne lost the suit and was ordered to pay $1.2 million to the businessman. The ruling noted that Byrne continued to publish false claims against Nazerali after the suit was filed. Byrne decided to go to trial and defend his claims against Nazerali. However, he failed to produce any evidence or witnesses to support them.The judge stated in his decision:"Mitchell, Byrne and Deep Capture LLC engaged in a calculated [and] ruthless campaign to inflict as much damage on Mr. Nazerali's reputation as they could achieve. … It is clear on the evidence that their intention was to conduct a vendetta in which the truth about Mr. Nazerali himself was of no consequence."Byrne appealed the decision to the Supreme Court of Canada, but his appeal was thrown out in 2018. Bitcoin and the Blockchain (2013-Present)From naked short selling and libel, Byrne then shifted his focus to the blockchain and cryptocurrency. Byrne believes strongly in these things. He's stated both that the blockchain can end poverty and that Bitcoin can help prevent a zombie apocalypse.To give some explanation of that, Overstock's Medici Ventures brings property records to the blockchain, which he believes is a major step toward reducing global poverty. (How much of poverty is caused by people taking land owned by others in the 21st century is unclear). In terms of zombies, Byrne believes that decentralizing money from government control can help prevent a collapse of society and eliminate corruption.Aside from just Medici Ventures, Overstock is heavily immersed in the rise of crypto. Overstock.com was the first major retailer to start accepting bitcoin in late 2013 -- a feature he asked dozens of staff to work over their holiday break to implement.Also key in Overstock's blockchain ventures is tZERO. TZERO is a vague crypto platform which InvestorPlace's Josh Enomoto laid out the negatives of last year. To put it simply, the platform is fairly redundant in the world of crypto. To put it a bit longer, in Enomoto's words:"Overstock's tZERO platform claims it will 'integrate' with me. What on earth does that mean? If a company can't explain in human terms what their business is about, run! … Then again, I think Overstock.com's obfuscation is deliberate. If people knew what tZERO was on about, they'd see that OSTK stock has devolved into a senseless, redundant gamble … Do you want a faster bitcoin? Go buy bitcoin cash. Do you want cheaper transaction fees? Consider litecoin. How about an institutionally-backed crypto? Ripple is your answer."So Byrne loves the blockchain and he's refocused Overstock toward it (the company hasn't made a profit since). He's even been looking to unload the retail side of the business, which is the only part of the business to ever make money. Byrne's Resignation (2019)So all this brings us to present day. On Aug. 12, Overstock put out a press release titled: "Overstock.com CEO Comments on Deep State, Withholds Further Comment." In this statement, Byrne says that he was part of the origins of the investigation of Russia's interference in U.S. elections. OSTK plunged 35% in response to this release.Last Thursday on CNN, Byrne claimed the Federal Bureau of Investigation told him to pursue a relationship with Maria Butina, who is now a convicted Russian agent. Former FBI Director James Comey (who was FBI director during the 2016 election) called Byrne's claims "ridiculous." Andrew McCabe, deputy FBI director from 2016-2018, told CNN that it was "certainly possible" that he volunteered information about Butina to the FBI. But McCabe said "that his potential cooperation with the FBI … certainly never happened when I was there."He also added that telling someone to engage in a romantic relationship with a suspected Russian intelligence agent "is simply not the sort of thing that the FBI does."Warren Buffett, Byrne's Omaha Rabbi who was alluded to in the original press release, does not appear to have commented publicly on the matter.On the same day Byrne made these claims, he resigned as CEO of Overstock. OSTK climbed almost 10% on the day, but since has fallen more than 20% seemingly over uncertainty about the company's future without Byrne.Jonathan Johnson, interim CEO of Overstock, says that he is in no rush to sell off the e-commerce arm of the business but also said of his longtime colleague:"He was a visionary who put the company together, guided it I think really well for two decades, and built a great team. If I were to wax poetic, Patrick set this ship on the right course, and while there's a new hand at the tiller, the course isn't going to change."As of this writing, the Regina Borsellino held no positions in the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Tech Industry Dividend Stocks for Growth and Income * 7 Stocks the Insiders Are Buying on Sale * 7 of the Worst Stocks on Wall Street The post 7 Things to Know About the History of Overstock and Patrick Byrne appeared first on InvestorPlace.
Overstock.com Inc. shares moved sharply lower after its incoming CEO said the company's in no hurry to sell its retail business and pledged to continue crypto push.
Jonathan Johnson, Patrick Byrne’s successor as CEO at Overstock.com, discussed the state of the business in an interview with Barron’s.
Few internet companies are as old, or as relentlessly controversial, as Overstock (NASDAQ:OSTK).Source: Shutterstock Founded in 1997 to compete with Amazon (NASDAQ:AMZN), it launched a liquidation business for other dot-com companies in 1999. It then tried to compete more directly with TV ads featuring German model Sabine Ehrenfeld.Meanwhile CEO Patrick Byrne, whose father John Byrne made GEICO into a direct insurance seller, then sold it to Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B), was focusing on naked short selling, then on becoming a bitcoin advocate.InvestorPlace - Stock Market News, Stock Advice & Trading TipsWhen the Overstock crypto empire began collapsing, Byrne suddenly spun a story about "political espionage" and a "deep state" investigation, which had him in an affair with an alleged Russian spy. On Aug. 22, he resigned as Overstock CEO.This leads to the question of what's left of the company Patrick Byrne built … what's left for OSTK stock? OSTK Stock and the NumbersFinancially there is very little to see here.At its Aug. 26 opening price of $20.20 per share, Overstock has a market cap of about $700 million on 2018 revenue of $1.82 billion. The company's last profit came in 2016, and it barely has enough cash to get through another year. * 10 Monthly Dividend Stocks to Buy to Pay the Bills What was attractive about Overstock stock was the company's proposed "digital stock exchange" called tZERO. This promised to trade assets ranging from stocks to real estate to fine art on a blockchain, using digital tokens. This would reduce settlement time from days to seconds and make naked short-selling impossible.Blockchain wasn't a new thing to Byrne. OSTK said it would take bitcoin as a currency in its online store as far back as 2014. This made Byrne an early hero to bitcoin enthusiasts.It was the search for backers in tZERO that sent Byrne (and OSTK stock) on his wildest ride. When bitcoin fever peaked in late 2017, so did Overstock shares, which traded as high as $64 at the start of 2018. As Byrne struggled to find backers, the shares fell back to Earth, going below their 2016 low in June. The Big OopsAt the same time, the Overstock site was suffering from a flaw in its design, which it blamed on crypto coin exchange Coinbase. The bug let buyers negotiate a purchase in bitcoin and pay in a bitcoin fork, called Bitcoin Cash, then get refunds in bitcoin. Bitcoins were selling for over $14,000 each at the time, and Bitcoin Cash was selling for under $3,000. (On Aug. 26, bitcoin was at $10,365; Bitcoin Cash at $311.57.)Along the way, OSTK was also charged with concealing gift card balances from customers, drawing a $7 million fine from the state of Delaware this month. Byrne's enthusiasm for bitcoin had him reportedly trying to sell the retailing segment.So long as the Byrne's various bitcoin ideas appeared viable, however, investors ignored the operating problems. The shares were outperforming the market despite missing earnings estimates by the proverbial mile.Byrne successor Jonathan Johnson insists Overstock will continue moving forward in both retail and blockchain. A conference call was scheduled for Aug. 26 to discuss how to proceed. The Bottom Line on Overstock StockWhile publicly traded, OSTK stock always ran as a one-man band, and Patrick Byrne was that one man.It's hard for me to see any future in the company or much future in Overstock stock. The retailing operation is nearly worthless, the bitcoin projects look like nonsense and there's no one bringing capital in the door that might change things.As logistics consultant Brittain Ladd told The New York Post recently, Byrne should have been fired years ago. But that would have just brought us to where we are now.Where we are now is the end.Dana Blankenhorn is a financial and technology journalist. He is the author of the environmental story, Bridget O'Flynn and the Bear, available at the Amazon Kindle store. Write him at firstname.lastname@example.org or follow him on Twitter at @danablankenhorn. As of this writing he owned shares in AMZN. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 "Boring" Stocks With Exciting Prospects * 15 Cybersecurity Stocks to Watch as the Industry Heats Up * 5 Healthcare Stocks to Buy for Healthy Dividends The post How the Long Strange Trip of Patrick Byrne Spells the End for Overstock appeared first on InvestorPlace.
(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 email@example.comTo contact the editor responsible for this story: Stacey Shick at firstname.lastname@example.orgThis 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.
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.