Why Overstock.com Stock Jumped 10% This Morning
After bobbing up and down all last week, shares of online retailer Overstock.com (NASDAQ: OSTK) are finally breaking out this week. Shares surged 4% over the weekend to close at $30.30 yesterday, and they jumped as much as 10.5% more in early Tuesday trading (and are still up 8.2% as of 11:55 a.m. EDT).
For this, you can thank a strangely positive report out of noted Overstock "bear" Marc Cohodes, who on Friday changed his stripes and confirmed that he has been loading up on Overstock, calling the shares "ridiculously cheap."
Isn't there something suspicious about this cryptocurrency stock surge? Image source: Getty Images.
Source: Fool.com
