Shares in Overstock.com plunged 7% today to $25.83 after Merrill Lynch cut its rating to "sell" from "hold." And thus ends the startling runup in shares of the online retailer. The stock has more than doubled since March.
Why is Merrill so grumpy? Overstock had a great first quarter, which is the main reason why shares went up, but analyst Justin Post said he can't justify the current valuation, according to Barron's. Anything above $18 is simply too much at this point.
Read More...
