The Shopify Hacker-Powered Security Story » Get the Report from HackerOne!
Welcome Guest | Sign In
ECommerceTimes.com

Stock Watch: Stamps.com Rockets After Office Depot Announcement

By Andy Wang
Jul 20, 1999 12:00 AM PT

The stocks of most Internet companies struggled on Monday, but shares of online postage company Stamps.com (Nasdaq: STMP) continued their remarkable run. Stamps.com stock rocketed 5-9/16 to 46-3/16 after Office Depot (NYSE: ODP) announced that it had selected Stamps.com as its premier Internet postage provider. Stamps.com stock traded as high as $51-1/14 on Monday.

Stamps.com, which went public on June 25 at $11, has been on a tear recently. Last Thursday, shares Stamps.com soared 12-5/8 to 45-3/8 on news that the U.S. Postal Service is working with Stamps.com and E-Stamp to create electronic postage. After giving back some of Thursday's gain on Friday, Stamps.com was back on a roll on Monday.

What makes Monday's gain interesting, however, is that Stamps.com actually has had a strategic partnership with Office Depot since February. Stamps.com reported this in its S-1 when it filed for its IPO. You have to wonder how many of the traders who helped bump up Stamps.com stock on Monday were aware of this.


Facebook Twitter LinkedIn Google+ RSS
Freshsales - HiveXchange
What best describes your attitude toward social networks and politics?
The value of engaging in serious political discourse outweighs the negatives.
Most of the political conversations seem overheated and ignorant.
Social networks provide a lot of very good political information from reliable sources.
Almost every political post I see is skewed or totally fake.
Political interactions on social networks simply mirror those in the real world.
Social networks remove inhibitions, bringing out the worst in people and politics.