Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of VeriSign (NASDAQ:VRSN) jumped 11% in late trading, after releasing a statement that it expected to keep the .com registry.
So what: The company is confident that government agencies, who are reviewing the company's agreement to run the .com registry, will allow the company to continue running it. A statement from the company said, "VeriSign expects to continue to run the .com registry."
Now what: This is an important revenue source for VeriSign, and the company's confidence is a good sign for the stock going forward. The government wanted to review the company's ability to potentially raise prices for companies that rely on .com sites around the country. I don't think this is a reason to buy, given the company's 40 P/E ratio, but it's a good sign, nonetheless.
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