Today's Peculiar Stock Chart
Sumthin' fishy here?
Just wondering aloud about something: How is that that a company reports a negative earnings surprise, combined with New York Times exposure of inflated EBITDA numbers -- and its share price soars 9% and ends the day up 2%?
This happening on a day when the market is down?
And then weakens when the market is on a tear?
All this happening to a stock that, even after being beaten down, is already grossly overvalued?
Is this stock being manipulated on the upside?
Does a recently announced share buyback have anything to do with this?
Or were small investors hoodwinked into buying the shares on the basis of those inflated EBITDA numbers, only to get a quick loss for their trouble?
Just wondering. That company is, of course, my favorite corporate train wreck Overstock.com (NSDQ: OSTK), and as with every other aspect of this creepy little company, its share price chart is mighty peculiar.
I guess you can call what happened on the day of the earnings announcement as a "Patrick Byrne rally," as in the famously dissembling CEO of this SEC-investigated company.
This looks to me an awful lot like a pump-and-dump but hey, what do I know?
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