Monday was another ho-hum day on Wall Street. A bank announced another $10 billion in subprime writedowns, people continued to speculate about what the Fed will do, and Overstock.com (NASDAQ: OSTK) CEO Patrick Byrne made a fool of himself.
Byrne appeared on CNBC's Closing Bell on Friday to talk about his company's holiday season. Byrne said that the company was "having a pretty nice Christmas", and that gross bookings are up about 10% so far over the prior year quarter.
However Byrne also warned that gross margins would fall due to aggressive discounting, with Q4 income of +/- 1% of sales and EBITDA of between $5 and $10 million.
Byrne appeared on CNBC's Closing Bell on Friday to talk about his company's holiday season. Byrne said that the company was "having a pretty nice Christmas", and that gross bookings are up about 10% so far over the prior year quarter.
However Byrne also warned that gross margins would fall due to aggressive discounting, with Q4 income of +/- 1% of sales and EBITDA of between $5 and $10 million.
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