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Overstock reports GAAP profitability -- sort of

Following fourth quarter earnings that sent shares of Overstock.com (NASDAQ: OSTK) soaring, Stifel Nicolaus downgraded the stock from "hold" to "sell."

According to Briefing.com "The firm says not appropriately reflected in Friday's share price move, was the fact that the quarter benefited from a $1.8 mln gain in partner gross profit dollars relating to payments from partners who were under-billed earlier in the year and a $3.7 mln one-time benefit from a bonus reversal in the quarter as the company decided not to distribute profit sharing and senior executives were not paid bonuses."

Continue reading Overstock reports GAAP profitability -- sort of

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Last updated: May 27, 2012: 05:05 PM

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