Digital River Surging On High Volume (DRIV)
Shares of Digital River (NASDAQ: DRIV) are moving higher today after an analyst reported that McAfee (NYSE: MFE) is testing Digital River's (DRIV) outsourced e-commerce solution. This is significant because DRIV is losing a major contract with Symantec (NASDAQ: SYMC) later this year.
JMP Securities analyst Sameet Sinha said "The reason McAfee is important, even just from a sentiment perspective, is after Symantec left, people were questioning the value proposition of Digital River," Sinha said in an interview. "This kind of reinstates their value proposition and is saying yes, this is a valued service Digital River provides."
On the day, DRIV shares have moved 5.7% higher to $30.97 on high volume.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
