From Roddy Boyd of The Post:
February 8, 2006 — Overstock.com, the Internet retailer where cash flow has slowed to a trickle, reported a paltry $11 million in net cash after assuring investors in an Securities and Exchange filing last month that it was awash in more than $160 million in cash and credit lines.
Overstock once again exceeded the loss estimates of Wall Street analyst earnings targets Ã¢â‚¬â€ it reported a preliminary loss of $1.29 per share versus the consensus estimate of a $1.05 loss.
Its operating cash was negative $6 million, although this was boosted by a non-recurring accounting gain of $6.
There certainly could be a short squeeze with any good news at all at some time but you can quote me here. Things are going to get ugly over at Overstock. Things look bad on the surface but they are even worse underneath. I don’t care that Byrne is crazy, some of the best CEO are off their rocker, but I just don’t trust him. Rocker knows what he’s doing.