Digital River, Inc. (NASDAQ: DRIV) is getting crushed this morning after shares were halted pending news (resume time was 7:30) . The company was informed by Symantec Corporation (NASDAQ: SYMC) that Symantec will not extend its existing e-commerce agreement for a variety of e-commerce-related services. The pact expires on June 30, 2010, and Symantec expects to move all of the online traffic currently outsourced to Digital River to an internally developed Symantec e-commerce system before the current contract expires. The exact timing and migration has not been stated.The 52-week trading range is $16.88 to $41.20 and the average daily volume is about 550,000 shares. Today will be an exponential trading volume day for DRIV shares.
UPDATE at 8:15 AM EST: We have seen 285,000 shares trade hands and the stock is trading at $28.85.
As of 7:45 AM EST we have seen about 45,000 shares of Digital River stock trade hands. Unfortunately, the price is down around $30.00 after a $40.42 closing bell price on Friday.
-JON C. OGG