Never underestimate the power of the Force. Overstock's (OSTK) Jedi Knight CEO Patrick Byrne is having a wonderful morning. OSTK shares are up 22% thanks to First Albany Capital analyst William Lennan, who raised his rating on the company from "sell" to "neutral". Byrne said after another crap conference call yesterday that "fourth quarter was a difficult end to a tough rebuilding year," putting the blame on lower website traffic and conversion rates. Overstock.com has reduced its headcount and terminated expensive computer facility leases to cut expenses.
Last week OSTK sued at least 10 major U.S. brokerages, seeking $3.48B in damages for what it called their deliberate attempt to drive the discount online retailer's stock price down. Overstock shares are down a devastating 77% in the past two years.
"These manipulative activities have caused tremendous damage to Overstock," Byrne said in a statement last Friday. "I believe that this conduct is harming our company and our shareholders deeply."
Could this be the final low for OSTK shares as Jedi Patrick Byrne takes on the world? Sounds like The Return of the Jedi, let's just hope Jar Jar Binks doesn't show up and ruin the show.
Jar Jar Binks: If me be returnin, the Bosses will do terrible things to me! Tewwwwible things!
That guy alone ruined the movie in one swift blow of dialogue, and it only got worse from there. If you hate Episode I, I've got the site for you, it's beautiful, check it out
$18.15 (02/06/07)
