Why Overstock.com Shares Rocketed 19% in the First Hour Today

Shares of online retailer Overstock.com (NASDAQ: OSTK) rose dramatically in early trading on Thursday and were up by nearly 20% in the first hour or so of trading. There's no question what drove investor enthusiasm, as the company released its third-quarter earnings report.

Overstock's earnings per share came in at $0.63, well above analyst expectations of $0.47. This is important because sales were lower by 4% year over year, dropping from roughly $718 million in the third quarter of 2020 to $689 million in the same period this year. But that has to be put into context, because 2020's sales results were driven by a consumer shift toward online shopping during the pandemic.

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Source Fool.com