Verisign stock skyrockets on new contract terms

Verisign stock skyrockets on new contract terms

Stock up 18% after U.S. government grants pricing windfall.

Shares in Verisign (NASDAQ: VRSN) are trading sharply higher today after the company signed a new agreement with the U.S. Government for .Com.

That Verisign would continue to run .com was never in doubt, but the Department of Commerce also agreed to let Verisign increase the price of .com domain names substantially.

Verisign shares are up about $25 to $166, up 18%. Shares topped $175 earlier in the day.

.Com price hikes are not guaranteed, as Verisign still needs to negotiate them with ICANN, the group that oversees the internet’s naming system. However, ICANN is likely to grant price hikes in return for larger fees paid from Verisign to ICANN.

They are certainly toasting in Reston, Virginia this morning.

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