Overstock CEO Sends A Message
At a time of record insider selling, at least one company stands out.
Overstock.com
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.
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
During the day, Ciena
Lucent
Amazon
Siebel
SCO
Juniper
Internet Security
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
soared 8% Tuesday on news of heavy insider buying by CEO Patrick Byrne.
and CNT
beat estimates.
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.
climbed 3% on a contract to restore phone service in Baghdad.
, up 0.2%, is targeting email spoofing.
and CA
settled class-action suits.
, off 2%, was hit by a denial of service attack.
climbed 3% to a new 52-week high.
fell 6% on a downgrade.