Stock Watch : Value America Defies Market

Another company that defied Wall Street’s downward trend on Tuesday was online superstore Value America (Nasdaq: VUSA). Shares of Value America climbed 23.5 percent, rising 4-7/16 to 23-5/16, one day after announcing six new board members.

On Monday, Value America, which has Paul Allen’s Vulcan Ventures and Federal Express as major shareholders, announced that Frederick W. Smith, president of Federal Express’ parent company FDX (NYSE: FDX), has joined its board of directors. Other significant additions to the board include former U.S. Secretary of Education William Bennett, and Bill Savoy, president of Vulcan Ventures.

Value America has a lot of big names behind it, but it still has a long way to climb to get back to the levels of just a couple months ago. The company went public at $23 on April 8 and closed its first day of trading at 55-3/16.

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