How Overstock.com, Inc.'s Stock Rose 37.2% in August
Shares of Overstock.com (NASDAQ: OSTK) gained 37.2% in August 2017, according to data from S&P Global Market Intelligence. The surge started with a solid second-quarter report and some management comments pointing to the possibility of a buyout exit strategy.
Overstock's share prices rose 5% on the second-quarter report, delivered in the first week of August. Sales rose 3.2% year over year to $432 million despite a strong headwind from changes to Overstock's search engine optimization tactics. Bottom-line losses increased from $0.04 to $0.29 per share due to the launch of a blockchain-based stock trading platform known as t0.
On the earnings call, CEO Patrick Byrne also made it clear that he is open to a merger or buyout under the right conditions. Many companies are being disrupted by larger e-commerce platforms and desperately in need of an online strategy.
Source: Fool.com
Overstock.com Aktie
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