Overstock Signs Contract with US General Services Administration

Overstock.com, Inc. (OSTK) announced on June 29 that the company was awarded a contract with the U.S. General Services Administration (GSA). It is not one of only three online retailers contacted with the GSA to provide e-commerce services for federal agencies. Overstock plans to help federal employees save time and money on purchases by increasing efficiencies and streamlining data. The company now has access to some of the estimated $6 billion in open market purchases annually on government purchase cards.

 

Sonal issued a news alert at 8:30 am. The next trade took place at 8:35 am for $29. The stock price rose at the market open but pulled back later in the day. The gains, however, continued over the next four trading sessions. Overstock closed at $39.16 on July 6. That makes a five-day gain of 35% following the news event.

 

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