elgato
Joined: 24 Feb 2005
Posts: 17240
Location: Texas
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| Posted: Tue Mar 01, 2011 11:53 am Post subject: Overstock.com in Overdrive |
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Overstock.com is ramping today on very heavy trade. The online retailer announced earnings that beat Wall Street expectations before the bell sparking a 12% surge. OSTK reported a 24% jump in 2010 revenue and growth of 79% in net income for the year. The good news has sent the stock into overdrive, as positive volume spikes to its heaviest level since last summer. OSTK has not broken out yet, but the action today in this very heavily shorted stock could leave behind a significant eight-month base. Midway through a deep selloff that began last May, OSTK took a severely damaging hit in early August. The troubled company reported a surprisingly disappointing second quarter on August 9, but the real damage came the prior session when the stock was pounded for a 17% loss on the heaviest downside volume in over a year.
more.. link to news article |
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