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Overstock Surges After CEO Hints at Possible Retail Deal

Investing.com

Investing.com - Overstock.com (NASDAQ:OSTK) jumped in midday trade on Friday after CEO Patrick Byrne told CNN that interest for its retail business had picked up.

Shares in Overshock.com jumped 16.8% after the news.

"Two very attractive acquirers that I would have put high up on my list have shown up," Byrne told said.

The company has a retail subsidiary that has slowly been returning to profit. It hopes to sell it so it can focus on being a purely blockchain focused company.

Overstock turned to blockchain in 2018, shortly after the price of Bitcoin peaked, and has been trying to offload it retail side ever since. But it faced hurdles with a U.S. Securities and Exchange Commission inquiry into tZero, its crypto unit.

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