Stock prices fall, but companies survive with ‘big bang’ deal oversupply
Overstock.com Inc. (OSTK) is continuing to weather a massive market correction after announcing a $15 billion deal to buy rival Overstock Inc. for $20 billion.
The deal, which was announced Tuesday, comes just weeks after the stock had surged more than 20% after the U.S. Federal Reserve raised interest rates.
The stock was down more than 25% in after-hours trading, while Under Armour Inc. reported higher-than-expected sales in its fiscal fourth-quarter.
Overstock’s stock price has fallen over 60% since the U