Shares of Overstock.com (NASDAQ: OSTK) popped on news that the company had acquired intellectual property from Bed Bath & Beyond on Thursday. The company's share price gained 17.9% in the daily session, according to data from S&P Global Market Intelligence.

News emerged early this morning that Overstock had won an auction to acquire the Bed Bath & Beyond name, digital assets, and other intellectual property (IP). The market appears to think that Overstock will be able to make good use of these assets and responded by buying into the company's stock. 

After struggling for years, Bed Bath & Beyond filed for bankruptcy in April and is now going through the process of selling assets in order to pay down debts and meet other obligations. Overstock's move to purchase the brand name and other IP from the company does not mean that Bed Bath & Beyond retail stores will remain in operation. The pending $21.5 million sale also does not include any physical assets or IP related to Bed Bath & Beyond's Buy Buy Baby chain. 

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Source Fool.com