Here’s Why Overstock.com Was Soaring on Tuesday

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It was a relatively calm day for the stock market on Tuesday, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all changed by less than 0.1% as of 2:55 p.m. EST. However, that’s not to say that the entire market was flat. Overstock.com (NASDAQ: OSTK) was one particular standout, with shares up by more than 18% for the day.

There are a couple of possible explanations for the move. The news item that is most likely influencing the move higher is data from salesforce.com (NYSE: CRM) that shows a 50% year-over-year increase in digital spending, which indicates that upcoming fourth-quarter results from Overstock’s platform could turn out to be better than expected. Consumers spent $1.1 trillion worldwide on online shopping in the 2020 holiday shopping season, up from $723 billion in 2019.

Image source: Getty Images.

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