Here's Why Siebert Financial Is Soaring Yet Again

Online discount retailer Overstock.com (NASDAQ: OSTK) announced that it has agreed to take a small stake in Kennedy Cabot Acquisition. The 1% stake of the company, which owns the majority of Siebert Financial Corp. (NASDAQ: SIEB), is being acquired through tZero, Overstock's blockchain subsidiary.

The news pushed shares of Siebert as much as 38% higher before shares gave up some of their knee-jerk reaction. As of 11 a.m. EST, Siebert was trading approximately 18% higher.

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Source: Fool.com