The stock of online broadcaster NetRadio (Nasdaq: NETR) climbed nearly 29 percent on Tuesday, gaining 2-5/16 to 10-3/8 after the company announced what looks to be a significant deal with Microsoft. Under the terms of the deal, NetRadio’s 120 channels of music and information will be offered in Microsoft’s Windows Media format. NetRadio will be prominently featured on Microsoft’s windowsmedia.com site.
Even after Wednesday’s gain, NetRadio stock has been a big disappointment since the company went public at $11 a share in October. The stock has traded as low as 6-5/8. The poor performance by NetRadio stock has also hurt the stock price of parent company Navarre (Nasdaq: NAVR). Shares of Navarre, which gained 3/16 to 7-11/16 on Wednesday, remain well off their 52-week high of 27.