The Ignorant Investor
Ignorance Can't Stand in the Way of My OpinionFriday, March 03, 2006
Overstock.com- SELL! SELL!
SALT LAKE CITY - The chairman of Internet retailer Overstock.com told a newspaper Thursday that he may step down in a disagreement with his son's "jihad" against market analysts and financial writers
Amazing. Patrick Byrne, the CEO of Overstock.com, thinks that hedge fund Rocker Partners and Gradient Analytics, an independent research firm, colluded to publish negative research on his company in an effort to drive down the share price. So he's filed a lawsuit.
The stock currently sells for about $22, but the company hasn't made an annual profit since going public back in 2002, the AP says. Now I can't imagine why anyone would want to short the stock. Can you?
Either the CEO is cracking up, or he is trying this stunt to discourage negative reports on his company. Either way, what he's telling me is SELL SELL SELL. If I had a position in the company, that is.
posted by Worker 17 # 8:44 AM 
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