2 Blockchain Stocks Making Volatile Post-Earnings Moves

OSTK failed to give an update on the sale of its e-commerce business

Mar 16, 2018 at 10:04 AM
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Shares of Overstock.com Inc (NASDAQ:OSTK) have plunged 11.6% to trade at $42.55, after the company said fourth-quarter revenue fell 13.3% to $456.3 million -- well below the consensus forecast for $526.2 million in revenue. What's more, the company failed to give an update on plans to sell its e-commerce division in order to shift its focus to digital currencies and blockchain technology.

OSTK shares had a monumental run up the charts in the latter half of 2017, rallying to a Jan. 8 record high of $89.80 from an early August low at $14.30 -- sparked by news of the company's venture into the cryptocurrency market. However, the shares had retraced almost 61.8% of this surge heading into today's trading, and are now at risk of closing below their 40-week moving average for the first time since July.

And while OSTK stock has found itself on the short-sale restricted list -- meaning it can't be shorted until next Tuesday -- short sellers raised the stakes in the two most recent reporting periods. Specifically, short interest shot up 37.9% in this four-week time frame to 7.29 million shares, representing a notable 44.5% of Overstock's available float.

On the other hand, shares of Eastman Kodak Company (NYSE:KODK) have shot 16.2% higher to trade at $5.75, after the imaging specialist posted improving net earnings in the fourth quarter. The stock came into 2018 trading near $3.10, but shot to an annual high of $13.25 on Jan. 10, after the company said it was developing its own cryptocurrency for photographers based on blockchain technology, called "KODAKcoin." While KODK has since pared most of these gains, today's bull gap has the equity back above $5 -- which has served as both support and resistance since mid-February.

Today's upside could be sparking a short squeeze. Although short interest on KODK fell 13.9% in the most recent reporting period, the 6.95 million shares sold short still represents 31% of the stock's available float -- or 6.7 times its average daily pace of trading.

 

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