20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Overstock.com Inc (NASDAQ:OSTK) has won an auction to acquire some of Bed Bath & Beyond’s assets for a little more than $20 million. Overstock emerged as a stalking horse bidder for some of the bankrupt Bed Bath & Beyond’s assets last week.
Shares of Overstock traded up almost 20% Thursday on the news. Overstock and Bed Bath & Beyond's stocks have both been popular among retail investors on Reddit and other social platforms. Ryan Cohen, the billionaire founder of Chewy, invested in Bed Bath & Beyond's stock last year, causing the price to skyrocket, only to dump the shares a few months later.
It appears that Overstock's stock is once again gaining attention among retail investors throughout different social media sites. The company was one of the top-five trending stocks on StockTwits website Thursday.
Many retail investors lost money following Cohen into his Bed Bath & Beyond investment. Bed Bath & Beyond's stock is still trading on the OTC Markets under the ticker 'BBBYQ'.
Read Also: Bed Bath & Beyond Stock On The Rise As Overstock Emerges With Stalking-Horse Bid
Details Of The Deal: Overstock will take over Bed Bath & Beyond’s intellectual property and digital assets. Bed Bath & Beyond has decided to sell its ‘Buy Buy Baby’ line separately from its core business.
The deal still needs to be approved through a hearing next Tuesday. Ten Twenty Four, a software company, also put a bid on Bed Bath’s assets in case the Overstock deal falls through.
Overstock’s deal to purchase some of Bed Bath & Beyond’s assets will not keep Bed Bath & Beyond stores open, but instead, allow Overstock to take over some of the brands under Bed Bath & Beyond’s umbrella such as the Wamsutta linens and sheets label.
Bed Bath & Beyond filed for Chapter 11 bankruptcy a few months ago in April after failing to recover from headwinds brought by the COVID-19 pandemic. Overstock.com, which primarily operates through its e-commerce business, will hope to be able to revive some of Bed Bath & Beyond’s brands that still have consumer recognition.
Price Check: Shares of Overstock were trading 19.83% at $25.33 at the time of publication on Thursday.
Now Read: If You Invested $1,000 In Apple When Warren Buffett Bought Shares, Here's How Much You'd Have Today
Photo: Shutterstock
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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