Why investors should beware stocks getting the bitcoin boost [CNBC]
Overstock.com, Inc. (OSTK)
Last overstock.com, inc. earnings: 11/12 08:00 am
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Source: CNBC
show chapters A handful of stocks are enjoying a sort of halo effect from investors' bitcoin mania — but market watchers are cautioning against getting into the names at current levels. Shares of Overstock.com have surged 118 percent in the last three months as the company announced it would enter into the blockchain and cryptocurrency space. Meanwhile, the shares of a small biotech company, which only just recently announced it would incorporate blockchain technology into its business, are on a massive tear. The company, formerly known as Bioptix, changed its name to Riot Blockchain in October -- and instantly saw a surge in its share price. The stock has had a meteoric rise, soaring 586 percent in the last three months. Investors ought to stay away from both names if they do not understand that cryptocurrencies are highly volatile and speculative instruments, said Ari Wald, head of technical analysis at Oppenheimer. Between these two r
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