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Overstock plummets 19% on slashed profit forecast, CFO resignation (OSTK)

Shares of traded as much as 19% lower on Monday after the company announced the resignation of its chief financial officer and issued a warning that full-year retail earnings could miss previously set targets. 
Robert Hughes, who spent nine years working in senior management roles at Overstock, will step-in as acting CFO. Greg Iverson resigned from the role on September 17. 
Overstock said its retail business is currently breaking even, but its full-year profit guidance relied on generating significant positive earnings in the third-quarter. The company cited increased costs from tariffs as a primary driver. 
The company’s former chief executive officer Patrick Byrne resigned from Overstock last August after making statements regarding the “Deep State,” which sent shares of Overstock tumbling. 
Visit the Markets Insider homepage for more stories.

Shares of plunged as much as 19% on Monday after the company said its chief financial officer was leaving the company. The retailer also issued a warning that full-year retail earnings could miss estimates, primarily due to the impact of tariffs. 

Overstock projected its retail business would generate $17.5 million in adjusted EBITDA in 2019. The firm said in a press release on Monday that the retail business is currently breaking even, and its full-year estimates relied on it generating significant positive earnings by now. See the rest of the story at Business Insider

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