Stock Watch: Amazon.com Deal Boosts Navarre

Online music and software distributor Navarre (Nasdaq: NAVR) has seen its stock get pounded in the recent Internet sector sell off, but shares of Navarre came roaring back on Monday after the company announced a distribution deal with Amazon.com.

Navarre stock climbed nearly 32 percent, rising 2-7/8 to 11-7/8, after the company announced an agreement to supply Amazon.com with exclusively distributed music releases. The releases Navarre has already supplied to Amazon.com, including releases by Vonda Shepard and Kenny Rogers, don’t seem to be much to get excited about, but Wall Street obviously found the news to be sweet music.

What actually could be sweet music for Navarre is the initial public offering of its majority owned subsidiary: online broadcaster NetRadio. Investors are still waiting to hear Navarre announce more news about that.

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