Overstock (NASDAQ:OSTK) is making headlines after the company announced that it would change its corporate name to Beyond on Nov. 6. Along with the name change, Overstock will also change its ticker to BYON from OSTK stock, while its shares will be transferred to the New York Stock Exchange (NYSE) from the Nasdaq.
CEO Jonathan Johnson said the following about the news:
“Since our founding in 1999, the company has focused on bringing technical expertise to ecommerce and providing a simple and easy experience for consumers and supplier partners. We expect the corporate name change to enhance the awareness of our iconic consumer brand, Bed Bath & Beyond.”
Overstock will trade as OSTK until the market close on Friday, Nov. 3. The company will then trade as BYON on the NYSE upon the market open on Nov. 6.
OSTK Stock: Overstock to Rebrand as Beyond
Back in June, Overstock acquired the Bed Bath & Beyond brand and related intellectual property for $21.5 million following the company’s bankruptcy. With new ownership, Bed Bath will stick to its roots and continue to operate as a seller of home furnishings and furniture.
Overstock’s announcement makes no mention of BBBYQ, Bed Bath’s ticker on the over-the-counter (OTC) market. In September, Bed Bath confirmed that its shares would be cancelled and “have no value” as part of its bankruptcy plan. However, shareholders on social media speculated that these shares would eventually be replaced by another entity. This is more than likely just speculation, as the BBBYQ shares have been taken off the OTC market for weeks now with no update, in-line with Bed Bath’s statements.
Meanwhile, Overstock has confirmed that it will report its third-quarter earnings on Oct. 26 before the market open. Analyst tracked by Koyfin expect the company to report revenue of $397 million, which would imply a year-over-year (YOY) decline of 13.71%. Gross profit, which is expected to be $71 million, is forecast to take an even bigger hit with a YOY decline of 33.90%. In terms of profitability, net income is expected to be a loss of $30 million, which would equate to an adjusted EPS loss of 72 cents.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
