Overstock Follows Through On Tuesday's Rally, Retreats

Overstock.com, Inc. OSTK shares are trading lower by 15 cents at $38.45 in Wednesday's session.

After a $3.45 boost on Tuesday ($35.15 to $38.60), the stock opened another $3.15 higher and rallied all the way to $43.15 before sharply reversing course.

According to Bloomberg, the catalyst for the rally is the announcement that the company plans for its own initial coin offering.

So far, the decline off that elevated level took Overstock beyond Tuesday's close ($38.60) to $37.85. At this time, the rebound off that low has taken the stock into the mid-$38.00 handle.

In order to post a new all-time closing high, it will need to end the session over Tuesday's close of $38.60.