Why Overstock.com Stock Jumped Today
Shares of Overstock.com (NASDAQ: OSTK) were up 19% as of 3:04 p.m. ET on Thursday after the company announced it acquired brand assets, including trademarks, patents, and domain names, from Bed Bath & Beyond, which is going through a bankruptcy process.
The deal provides some hope that Overstock can turn around its struggling retail business. The stock had fallen almost 40% over the last year before the jump in the share price today. The shares are now up 56% year to date.
Overstock is buying the retailer's website and domain names, brand trademarks, patents, customer database, loyalty program data, and other brand assets for $21.5 million with cash on hand. Overstock CEO Jonathan Johnson called the transaction "a significant and transformative step," and the market seems to agree.
Source Fool.com
