Why Overstock Stock Jumped Today

Shares of Overstock (NASDAQ: OSTK) have jumped today, up by 17% as of 2:45 p.m. EDT, after the company said sales had skyrocketed as COVID-19 drives consumers to e-commerce. The online retail specialist hosted its annual meeting today.

At the meeting, CEO Jonathan Johnson provided investors with an update about the business's performance during the novel coronavirus outbreak. In the presentation, the executive said that quarter-to-date retail sales were up 130% year over year. The company has shifted to a new model where 100% of employees are now working from home, and Overstock has also enjoyed new retail customer growth of 85% year to date. New customers are up 260% quarter to date.

Image source: Getty Images.

Source Fool.com