Why Overstock.com Shares Plummeted Today
Equity investors sold out of a wide range of titles on Tuesday, but they really sold out of Overstock.com (NASDAQ: OSTK). The internet discount retailer's shares took a more than 8% hit on the day, due mainly to a price target cut from an influential bank. Somewhat inconveniently, this occurred one day before the company was slated to publish its latest quarterly earnings.
The cutter was Bank of America Securities analyst Curtis Nagle, who on Tuesday chopped his Overstock.com target to $80 from the previous $100 for a fairly steep 20% trimming.
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Source Fool.com
