Synacor Inc. shares skyrocketed in the extended session Wednesday after AT&T Inc. awarded the video and Internet tech company a portal services contract that could bring in about $100 million a year in revenue beginning in 2017. Synacor shares jumped 130% to $3.25 after hours on heavy volume. Under the contact, Synacor will provide AT&T with desktop and mobile portal services designed to engage users and make money off of search results and advertising. Synacor expects to have early products up by the second quarter, with a broader offering by the fourth quarter. Synacor’s gain is Yahoo Inc.’s loss as AT&T shifts its portal hosting and search business away from Yahoo.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News