Waiting on Overstock.com's Earnings (OSTK)

Overstock.com (NASDAQ:OSTK) is scheduled to announce earnings tomorrow but don't hold your breath, they may balk the call and report at a later date.  The company had forecasted earnings of $0.45 per share and since Feb 9th OSTK shares have bounced back 28%.

UPDATE -- WallStNation.com heard from Overstock.com (NASDAQ:OSTK) today (March 16th - 3/16/2010) and they have informed us their earnings release will not be today, it has yet to be determined.  When the company is ready, they will let the world know when the call will be.

Naked short selling of Overstock.com (OSTK) shares is always a concern for anyone holding positions in the company and depending on tomorrow's outcome either we will experience a massive decline or short squeeze rally.  Short interest on Overstock.com (OSTK) shares is at 19.29% according to shortsqueeze.com, it's moved down 4% from last month and it gives 29 days for shorts to cover their positions. 

EXPECTATIONS
Overstock.com says it will still report its first annual profit when it gets its 2009 financial statements out.  KPMG, the new auditor, is still at work and there could be more things coming. For now, $1.9 million of income moves from 2009 to 2008, and another $900,000 comes out of 2009 profit due to improper accounting for stock options. There are a bunch of other undisclosed errors being fixed, but none of them are said to be material.

Despite the recent increase in Overstock.com's market cap, the stock has been trading like a sine wave in the past five dessions, up to $14.75, then down to $14.25 the next day, then up, then back down.

Place your bets investors, there are 2,122 open contacts on the $15 March Call and a total of 1,989 contracts on all of the 2010 $12.50 Puts.

Check out Overstock.com, Inc. Draws Skeptical Speculation, Despite Short-Term Rally (Schaeffers Research) for more commentary the stock's recent activity and best of luck playing the call.