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Bloomberg News
Posted: 12:36 PM- Overstock.com Inc., the Salt Lake City Internet seller of excess inventory, fell the most in almost a year in U.S. trading today after Stifel Nicolaus & Co. lowered its rating on the stock to "sell" from "hold."
Overstock.com shares dropped $3.46, or 10 percent, to $30.56 in midday trading on the Nasdaq exchange, the biggest decline since November. They have risen 94 percent this year.
Scott Devitt, a Manassas, Virginia-based analyst with Stifel Nicolaus, downgraded the shares after they rose 60 percent above his target price of $22. The retailer has never had a profitable year since becoming a public company in 2002, he said.
"The shares are fully valued," Devitt wrote in a report today.
