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Overstock Jumps on Earnings Beat and ICE Investment in tZeroOverstock Jumps on Earnings Beat and ICE Investment in tZero Steiner, Rupert.Barron's (Online); New York Overstock.com saw its shares jump more than 29% Wednesday, after posting better than expected earnings per share for the fourth quarter. The online home-furnishings retailer cited a strong Thanksgiving and Cyber Monday. Much of the move will be from news on Tuesday that clearing house Intercontinental Exchange (ticker: ICE) announced it is making a strategic investment in tZERO, a broker-dealer in which Overstock holds an 80% stake. tZERO enables the trading of digital securities also known as Security Token Offerings. As well as selling furniture, Overstock (OSTK) invests in a number of early-stage companies through its Medici portfolio, with a focus on blockchain-based technology. The company posted earnings per share of $0.68 in the fourth quarter ahead of $0.36 consensus, according to FactSet. Net revenue for the same period was $613 million, a decrease of 9% year-over-year, and short of the $644 million consensus. Overstock CEO Jonathan Johnson said that navigating the operating environment during the fourth quarter was challenging, but "for the full-year 2021, net revenue increased 11% against record 2020 growth," which was "our second consecutive year of profitability and market share growth." |
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Msg # | Subject | Author | Recs | Date Posted |
44362 | ICE Investment in tZero... buy more OSTK @ $37... 25% jump again on earnings? | berkstock3 | 2 | 4/20/2022 11:40:27 PM |