|Bid||19.85 x 800|
|Ask||19.97 x 900|
|Day's Range||19.56 - 21.59|
|52 Week Range||8.96 - 31.05|
|Beta (3Y Monthly)||3.69|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 6, 2019 - Nov 11, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||44.00|
(Bloomberg Opinion) -- It’s kinda, sorta funny, I suppose, that Patrick Byrne resigned Thursday as chief executive of Overstock.com Inc. a week after issuing a bizarre press release bragging about his romantic entanglement with a Russian spy while also being involved with the “deep state” and the “Men in Black.” Just as it’s kinda, sorta funny that President Donald Trump canceled a state visit to Denmark because its prime minister told him she wouldn’t discuss his “absurd” idea of selling Greenland to the U.S.Except that Byrne (like Trump) has been prone to saying and doing unhinged things since at least the mid-2000s. What’s more, as Bloomberg Opinion’s Barry Ritholtz pointed out Thursday on Twitter, “He was a terrible CEO of a not very good company.”I began paying attention to Byrne in 2005, six years after he took over an online retailer and renamed it Overstock. That year, he held the looniest conference call I’ve ever heard. He claimed that there was a vast conspiracy to drive down Overstock’s shares orchestrated by someone he called the “Sith Lord.” He wouldn’t name the Sith Lord, but described him as “one of the master criminals of the 1980s.” He titled the conspiracy “the Miscreants Ball.”(1)At the same time — and this is what caught my attention — Overstock filed a lawsuit against Gradient Analytics, a research firm, and Rocker Partners, a hedge fund run by David Rocker and Marc Cohodes — yes, the very same Marc Cohodes who was the subject of my columns this week about MiMedx Group Inc. — that specialized in short-selling. Byrne claimed in the lawsuit (as I wrote at the time) “that they were acting in concert to hurt the company and manipulate its stock price.”It wasn’t long before Byrne was including certain financial journalists in the conspiracy. When a television interviewer asked him if he was accusing Herb Greenberg,(2) the great former MarketWatch reporter, of “helping others front-run” the company’s stock, he replied, “That’s correct.” His “thesis” was that Greenberg was taking orders from Rocker.That wasn’t the worst of it. Byrne became convinced that an illegal practice called “naked short-selling”(3) was Wall Street’s dirty little secret, and he devoted himself to rooting it out and exposing it. (Barron’s once described naked short-selling, rather aptly, as “the grassy knoll of the equity markets, denounced by crackpots, devotees of penny stocks, and troubled companies eager to divert attention from their failings.”)Overstock’s director of communications, Judd Bagley, would “friend” Byrne’s critics on Facebook, then publish the names of their friends on a website, especially those friends who could serve as “evidence” of a conspiracy. (I’m one of the journalists this happened to.) Byrne started a conspiracy-minded website called Deep Capture, the purpose of which was to smear his critics, myself included.If the purpose of all this was to silence us, it worked. I wrote three columns about Byrne, and then moved on. So did most of the other journalists who had once covered him and Overstock. Rocker, the rare short-seller willing to talk to reporters on the record, stopped giving interviews. The journalist (and my friend and former co-author) Bethany McLean once told an interviewer that in effect, Byrne had won, because his tactics had caused his critics to stop writing about him.Since his Deep Capture days, Byrne has found a different means to distract people from Overstock’s lousy performance: In 2015, he announced the formation of a company that would issue a cryptocurrency called tZero. For a while, at least, it worked. Between July 2017 and January 2018, the Overstock share price went from around $20 to almost $87. But it couldn’t last. With the company’s free cash flow negative $168 million in 2018, and its net income negative $169 million,(4) the stock sank back down to earth, bottoming out at $9.40 a share in June.Yet when he finally stepped down, it wasn’t because the company was losing money, or because the tZero effort was faltering, or because, as usual, Byrne was too busy with his side ventures to focus on the company he was supposed to be running. It was because he wrote a bonkers press release.On Thursday evening, Byrne was interviewed by CNN’s Chris Cuomo. Byrne claimed that FBI agents — including James Comey! — had instructed him to “rekindle” his relationship with the Russian spy, Maria Butina. Later that evening, as Cuomo discussed the interview with another CNN host, Don Lemon, he defended Byrne. “He’s not some lunatic or something like that,” he said.Clearly, Cuomo should have had a seat on the Overstock board.(1) Byrne later told me that his Sith Lord conference call was “one of the 10 proudest moments of my life.”(2) Alas, Greenberg has since left financial journalism and now runs his own investment research firm, Pacific Square Research.(3) Don’t ask.(4) According to Bloomberg data.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Stacey Shick at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Investing.com - Chief executives and founders fall on their swords for any number of reasons, but the series of events that led Overstock.com (NASDAQ:OSTK) founder and chief executive Patrick Byrne to quit on Thursday may well be talked about for some time.
(Bloomberg) -- Patrick Byrne finally gave his critics the flameout they’ve been predicting for years.In a 1,600-word email statement in which he vowed to disappear “for some time,” Byrne, 56, resigned as chief executive officer and board member of Overstock.com, the online retailer he’s led for 20 years.In a series of public announcements the last two weeks, the flamboyant entrepreneur cited entanglements with the “deep state” that included cooperating with law enforcement agents he called “Men in Black” with their “Clinton Investigation” and “Russia Investigation.” Byrne said he’d been romantically involved with Maria Butina, a Russian operative jailed for failing to register as a foreign agent. When it came to explaining how these confessions fit together, and why they forced his resignation, Byrne has proved less than coherent.“While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock,” Byrne wrote in the Thursday statement.Byrne’s bizarre comments -- contained in today’s statement, in an Aug. 12 release and a New York Times interview published Aug. 15 -- come as little surprise to followers of his career. After all, this is the e-tail impresario and cryptocurrency and blockchain evangelist who espoused grassy-knoll theories about Wall Street and the evil -- and unnamed -- “Sith Lord” hedge fund manager who conspired to take him down.He likened Overstock’s crypto ambitions to Jonas Salk’s polio vaccine and joked on a conference call in recent weeks about loaning office space to the Securities and Exchange Commission amid an investigation into the company’s tZero blockchain push.Byrne has talked about the dark underbelly of Wall Street, been spoofed in the tabloids with UFOs hovering over his head and accused journalists of performing sex for access. He launched Overstock in 1999 as a sort of Internet garage sale.His departure takes effect Thursday. He’ll be succeeded by director Jonathan Johnson on an interim basis. Johnson has been with the company for nearly 17 years and recently served as president of Overstock’s blockchain business, Medici Ventures.Confused InvestorsPassages in Byrne’s Aug. 14 release bewildered investors and left some wondering about his stability. The statement quoted Byrne as saying the probes were “less about law enforcement and more about political espionage.” He elaborated in the Times interview, saying he went public this month because of concern about the U.S. government’s prosecution of Butina, who is serving an 18-month prison sentence.Butina is a self-styled Russian gun-rights activist who befriended senior officials from the National Rifle Association and Republican Party in the run-up to the 2016 election. Aspects of Byrne’s story remain fuzzy, but some of it can be fashioned from the Times’s account of its interview with him, Overstock’s statements and articles published on the website of a Fox News contributor named Sara Carter, which Byrne “confirmed.”In those, Byrne is depicted as becoming involved with Butina after they met in 2015, growing suspicious of her as she pressed for information on Donald Trump and Hilary Clinton, notifying the FBI of their interactions, then coming to regret the handling of her prosecution.Overstock shares surged as much as 18% Thursday after the announcement and later pared the gain to 10%. Before climbing, shares had lost nearly a quarter of their value since the company published his comments on Aug. 12. The stock had gained 85% this year before last week’s statement. Stock catalyst“This is a tremendous catalyst for the stock,” said D.A. Davidson’s Tom Forte, one of two Wall Street analysts covering Overstock. “I think the latest controversy was one too many.”Overstock has been considering a sale of its online retail business and Byrne’s departure will probably accelerate that process, according to Forte, who is bullish on Overstock.“I think his legacy will be the shareholder value created on the blockchain investments,” he said. “He saw the writing on the wall early on.”For all his weird, inspired and ill-considered pronouncements, Byrne was done in not by something he said, but by his relationship with a Russian operative. How long he remains out of the public eye is one more mystery in his volatile life story.\--With assistance from Bob Ivry.To contact the reporter on this story: Jeran Wittenstein in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Chris Nagi, Courtney DentchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Allison Abraham, the Chair of Overstock.com, Inc.’s (OSTK) Board of Directors, announces the appointment of Mr. Jonathan E. Johnson III as its Interim Chief Executive Officer and Dr. Kamelia Aryafar as member of the Board of Directors in the wake of the resignation of Dr. Patrick M. Byrne as CEO and member of the Board. Johnson has been with the Company for nearly 17 years and serves on the Board and as the President of Medici Ventures, the company’s wholly owned subsidiary focusing on blockchain innovation.
In three of those fields (land governance, central banking, and capital markets) the word “trillions” comes up when calculating the disruptive opportunity of blockchain. In those three fields, our blockchain progeny (Medici Land Governance, Bitt, and tZERO, respectively) are arguably the leading blockchain disruptors in existence.
tZERO, the global leader in blockchain innovation for capital markets, through its tZERO Crypto unit, announced today its plans to offer to investors using both iOS and Android devices the ability to trade Ravencoin (RVN) on the tZERO Crypto app, in addition to bitcoin (BTC) and ethereum (ETH), which are already supported by the app. tZERO submitted the iOS version of its updated app to the Apple store yesterday and will be submitting the Android version later today. Once the apps are approved by Apple and Google, investors on both iOS and Android devices will be able to trade Ravencoin cryptocurrency (RVN) on the tZERO Crypto app.
Overstock Chief Executive Officer Patrick Byrne’s inexplicable comments about “the deep state” and his claims that he was a part of federal investigations related to the 2016 election has sent the online retailer’s stocks tumbling for the third day in a row. Over It Byrne released a statement titled “Overstock.com CEO Comments on Deep State” in which he says he helped law enforcement agents, whom he called the “Men in Black,” with their “Clinton Investigation” and “Russia Investigation,” referring to the investigations of whether Russia interfered in the 2016 election. The statement was in response to articles on the website of Fox News contributor Sara Carter. The Spy Who Loved Me Byrne admitted he was romantically involved with Maria Butina, who is now serving 18 months in prison after being accused by federal prosecutors of attempting to infiltrate political circles in the United States at the direction of the Russian government. Byrne claims that government officials instructed him on how to interact with her, and that he had previously cooperated with government investigations into the murder of a friend as well as what he refers to as a “shake up” of Wall Street from a decade ago. Stock It To Me Overstock had a strong second quarter earnings call last week, but that was all erased by the 36% drop the company has faced since Byrne’s statement was released on Monday. Byrne Unit Byrne is known as a free spirit, prone to strange sayings and behavior, including comparing Overstock’s cryptocurrency ambitions to Jonas Salk’s polio vaccine and has joked that the Securities and Exchange Commission should just move into the Overstock’s office space while it investigates Byrne’s upcoming tZero push blockchain project. The rapid drop in Overstock’s stock is being seen as yet more proof that even when a company is doing well, a CEO’s behavior can hurt their bottom line. Heck, just ask Elon Musk. -Michael Tedder Photo via Overstock.com
(Bloomberg) -- Overstock.com Inc. shares fell for a third day Wednesday as investors reacted to statements by Chief Executive Officer Patrick Byrne that he was a part of federal investigations related to the 2016 election.The e-commerce company has lost a third of its value in the two days since releasing a statement by Byrne titled “Overstock.com CEO Comments on Deep State” and referring to federal investigators as “the Men in Black.” The stock fell another 23% on Wednesday, bringing its slide to 36% since Monday, the biggest two-day slump in more than 11 years.Byrne’s statement addressed stories published on a little-known news website and referenced investigations relating to the Clintons and Russian interference in the U.S. elections, political espionage and the rule of law.“I will speak no more on the subject,” Byrne wrote in the statement. “Instead, having lived in places lacking Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish Rule of Law in our country.”They’re not the first unusual comments from the Overstock founder. He sued brokerages over claims tied to naked short-selling in 2007 and has said the banks settled the case for tens of millions of dollars. He’s compared a company executive to a Star Trek character in announcing her promotion, and has signed communiques to holders with “your humble servant.” He likened Overstock’s cryptocurrency ambitions to Jonas Salk’s polio vaccine and joked on last week’s conference call about loaning office space to the SEC amid an investigation into the company’s tZero push, comments which briefly sent the shares tumbling.“What you have here is a highly controversial CEO and another example of something that’s controversial,” D.A. Davidson analyst Tom Forte said in an interview. He has a buy rating on the stock. “There are times like right now where that has a negative impact on the performance of the stock.”Overstock had been riding high after investors cheered the company’s second-quarter earnings report on Thursday that revealed a narrower-than-expected loss on an adjusted Ebitda basis. The stock closed the week at the highest levels since October. Now, the two-day slide has erased more than a month of gains.“The frustrating part is that the legacy home e-commerce business has returned to positive cash flow,” said Forte, one of two Wall Street analysts covering the company. “The two assets -- e-commerce and blockchain -- are incredibly well positioned.”Representatives for Overstock didn’t respond to a voicemail message or e-mail seeking comment on Wednesday.To contact the reporter on this story: Jeran Wittenstein in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Courtney Dentch, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Starting in 2015 I (operating under the belief that I was helping legitimate law enforcement efforts) assisted in what are now known as the ‘Clinton Investigation’ and the ‘Russian Investigation’ (in fact, I am the notorious ‘missing Chapter 1’ of the Russian investigation). It was the third time in my life I helped the Men in Black: the first was when my friend Brian Williams was murdered, and the second was when I helped the M.I.B. shake up Wall Street a decade ago. Unfortunately, this third time turned out to be less about law enforcement and more about political espionage conducted against Hillary Clinton and Donald Trump (and to a lesser degree, Marco Rubio and Ted Cruz).
tZERO, the global leader in blockchain innovation for capital markets, announced today that its preferred equity security tokens (TZROP), which were issued in a private placement in August 2018, and which have been traded by accredited investors since January 2019, are now available to be resold to non-accredited investors, too (under Rule 144 under the Securities Act of 1933). Investors with an account at Dinosaur Financial, LLC may trade their tZERO security tokens on the PRO Securities alternative trading system (ATS).
A mixed second-quarter report left investors cheering the blockchain and e-commerce company's bottom-line achievements more than they worried about its revenue shortfall.
Overstock (OSTK) delivered earnings and revenue surprises of 25.00% and -3.08%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
Consolidated revenue of $374 million and pre-tax loss of $28 million;Retail adjusted EBITDA of $1.6 million SALT LAKE CITY, Aug. 08, 2019 -- Overstock.com, Inc..
Overstock.com Retail (OSTK) recently introduced two new features to its Club O loyalty program: price match guarantee and free returns. Club O, which was established in 2009, is offered for only $19.95 a year and gives members exclusive benefits including, free shipping on every order, five percent rewards on every purchase, rewards for writing reviews, and access to an extra rewards store for added savings. “Club O continues to be an important part of our customer strategy,” said Kamelia Aryafar, chief customer and algorithms officer for Overstock.com Retail.
tZERO, the global leader in blockchain innovation for capital markets, announced today it was awarded a patent by the U.S. Patent and Trademark Office for the Time Ordered Merkle Epoch (TOME) methodology. TOME is a base-layer technology that uses digital signatures to record and verify time-series data such as trades, executions and settlements. This technology enables low-latency systems, including traditional matching engines or private blockchain ledgers, to be anchored into immutable public blockchain ledgers.
Overstock (OSTK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg) -- Looking to short Beyond Meat Inc. in the wake of the veggie-burger maker’s post-IPO rally? The cost of doing so is now the highest among all U.S. stocks.Short sellers paid the highest bid and offer borrow rate of 110%/138% on Beyond Meat, with the last transaction going off at 197%, indicating that supply for shares to borrow is declining quickly, according to July 30 data from financial analytics firm S3 Partners. That’s more than more than double the cost of the second-most expensive short bet, Overstock.com Inc.Beyond Meat has surged more than 700% since its May 1 debut. Short bets total $1.2 billion of market value. About 5.2 million shares are borrowed for short selling, almost 45% of the company’s free float.Meanwhile, Overstock.com, which has long been the target of short sellers, has seen its stock fall roughly 65% since 2018 when it decided to pivot to cryptocurrencies. It has 17.9 million shares or 63% of its float shorted.Rounding out the list from S3 are some names that have attracted a cult-like following as well. Turtle Beach, which captivated investors during the Fornite craze last year, at one point rose nearly 750% over a quarter. Pareteum also made the list.(Updates shares in third, fourth paragraphs; adds chart.)To contact the reporters on this story: Jennifer Bissell-Linsk in New York at firstname.lastname@example.org;Aoyon Ashraf in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Richard Richtmyer, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Overstock.com, Inc. (OSTK) announces that its Board of Directors has declared a dividend (the “Dividend”) payable in shares of its Digital Voting Series A-1 Preferred Stock (the “Series A-1”). The existing Series A-1 shares currently can be traded on the PRO Securities alternative trading system (ATS) operated by PRO Securities, LLC. The PRO Securities ATS is powered by technology owned and licensed to it by Overstock’s majority owned subsidiary tZERO Group, Inc., which owns PRO Securities, LLC. The PRO Securities ATS is the same platform on which tZERO’s security tokens began to be resold among accredited investors earlier this year. “Five years ago, we set out to create a parallel universe: a legal, blockchain-based capital market.
SALT LAKE CITY, July 29, 2019 -- Overstock.com, Inc. (NASDAQ:OSTK) is scheduled to release second quarter financial results for the period ended June 30, 2019, on Thursday,.