Friday, December 2, 2005

Overstock.com Stock Surges On CEO Purchase

Shares of Salt Lake City Utah-based Overstock.com surged Friday on news that the CEO purchased 60,000 shares of the company's stock. In a regulatory filing, Overstock reported that CEO Patrick Byrne purchased the stock in a series of transactions over the last two days. The company lost 2.9M on revenues of 103.4M last quarter. Overstock is an online electronics retailer that sells overstock, closeout, and other discounted products. The online retailer's shares rose $2.22 to close at $40.43 Friday on the Nasdaq.