Filed under: Scandals

Monday was another ho-hum day on Wall Street. A bank announced another $10 billion in subprime writedowns, people continued to speculate about what the Fed will do, and Overstock.com (NASDAQ: OSTK) CEO Patrick Byrne made a fool of himself.

Byrne appeared on CNBC’s Closing Bell on Friday to talk about his company’s holiday season. Byrne said that the company was “having a pretty nice Christmas”, and that gross bookings are up about 10% so far over the prior year quarter.

However Byrne also warned that gross margins would fall due to aggressive discounting, with Q4 income of +/- 1% of sales and EBITDA of between $5 and $10 million.

Continue reading Overstock CEO Patrick Byrne embarrasses himself once again

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This entry was posted on Tuesday, December 11th, 2007 at 11:44 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.