Overstock.com Profitable, Shares Hit New 52-week High

Big win for Overstock.com (NASDAQ:OSTK) shareholders and CEO Patrick Byrne who owns 30% of the company as OSTK surged 11% to finish the day at $18.74 a share.  Profitability is the word of the day for Bryne and Overstock.com

THE NUMBERS
During the quarter, the online closeout retailer earned $12.7 million, or 55 cents a share, compared with a loss of $705,000, or 3 cents, in the year-ago period. Analysts were looking for a profit of 45 cents a share from Overstock. Overstock's revenue jumped 27% to $322.4 million from $253.8 million last year.

Overstock.com shares have gone on a tear these past 5 days, up 36% as short sellers head for the exit, could this finally put an end to the naked short selling of Overstock.com?

OPTIONS GONE WILD
(SA | Frederic Ruffy) In the options market, bullish trading is being seen as well, with 3,321 calls traded, or 3x the recent avg daily. The action is focused on April 15, 17.5 and 20 calls. June 20 calls are seeing interest as well and implied volatility is up about 7 percent to 55. OSTK reported its first ever annual profit last Wednesday and, in the conference call, CEO Pat Byrne lashed out on short sellers, "crooked" hedge funds and regulators. "We've got a group of parasites who have found a loophole that they can keep on using to just drain resources out of entrepreneurs in America, and in the process kill small companies," according to Byrne.

Congrats longs who have made the journey.

OSTK 101