Stock Watch: Stamps.com Rockets After Office Depot Announcement

The stocks of most Internet companies struggled on Monday, but shares of online postage company Stamps.com (Nasdaq: STMP) continued their remarkable run. Stamps.com stock rocketed 5-9/16 to 46-3/16 after Office Depot (NYSE: ODP) announced that it had selected Stamps.com as its premier Internet postage provider. Stamps.com stock traded as high as $51-1/14 on Monday.

Stamps.com, which went public on June 25 at $11, has been on a tear recently. Last Thursday, shares Stamps.com soared 12-5/8 to 45-3/8 on news that the U.S. Postal Service is working with Stamps.com and E-Stamp to create electronic postage. After giving back some of Thursday’s gain on Friday, Stamps.com was back on a roll on Monday.

What makes Monday’s gain interesting, however, is that Stamps.com actually has had a strategic partnership with Office Depot since February. Stamps.com reported this in its S-1 when it filed for its IPO. You have to wonder how many of the traders who helped bump up Stamps.com stock on Monday were aware of this.

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