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RealTime IT News

Overstock CEO Sends A Message

At a time of record insider selling, at least one company stands out.

Overstock.com soared 8% Tuesday on news of heavy insider buying by CEO Patrick Byrne.

Byrne bought more than 300,000 shares of OSTK stock between August 21-25, according to SEC filings. That boosted Byrne's holdings by 7%, and more importantly, showed confidence in the company's future.

OSTK fell more than 20% after the company missed estimates last month, and the company's CFO resigned last week.

At least Byrne believes the company is on the right track, or at least too much of a bargain to pass up at current levels. Investors will have to wait until the next earnings report in October to see if he's right.

The broader market fell early Tuesday despite better than expected consumer confidence and home sales reports, but later recovered to end the day in the green. Rumors about Fed Chairman Alan Greenspan's health apparently contributed to the decline, and the market recovered when a Fed spokesperson said Greenspan is doing just fine.

The Nasdaq rose 6 to 1770, the S&P 500 gained 3 to 996, and the Dow rose 22 to 9340. Volume rose to 1.19 billion shares on the NYSE, and 1.39 billion on the Nasdaq. Advancers led 18-14 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 62% on the NYSE, and 65% on the Nasdaq. New highs-new lows were 60-25 on the NYSE, and 111-11 on the Nasdaq.

After the close, Semtech and CNT beat estimates.

During the day, Ciena surged 7% on a cable contract. The company is also in the running for two large long-haul optical contracts with MCI and the federal government, according to UBS Warburg.

Lucent climbed 3% on a contract to restore phone service in Baghdad.

Amazon , up 0.2%, is targeting email spoofing.

Siebel and CA settled class-action suits.

SCO , off 2%, was hit by a denial of service attack.

Juniper climbed 3% to a new 52-week high.

Internet Security fell 6% on a downgrade.

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