Overstock Slumps to 7-Year Low After Results

Overstock.com shares plummeted on Tuesday, with the stock dropping to its lowest level in more than seven years as it extended its longest streak of losses in more than a decade.

The slump came after the e-commerce company reported third-quarter results that missed expectations, and which featured a 21% drop in revenue from the prior year. It also filed for a possible offering of stock of up to $150 million of shares offered from time to time through a sales agent, JonesTrading, under a Capital on Demand sales agreement. The size of the potential offering is large relative to the size of the company overall; Overstock currently has a market capitalization of about $278 million.