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VeriSign’s stock rockets back to dot-com bubble levels after ICANN agreement

Shares of VeriSign Inc. rocketed toward an 18-year high Friday morning, after the domain-names and internet-security company disclosed that it reached an agreement with ICANN to raise prices for “dot-com” names.

The disclosure prompted JPMorgan to recant its bearish stance on VeriSign, and boost its stock-price target, citing the return of pricing power.

The stock VRSN, +17.10% shot up by 17% in morning trade to prices not seen during regular-session hours since October 2000. If it holds, the one-day gain would be the biggest since it climbed 20% on Oct. 21, 2004.

In a filing with the Securities and Exchange Commission late Thursday, the company and the Commerce Department amended the cooperative agreement to allow VeriSign the flexibility to pursue with the Internet Corporation for Assigned Names and Numbers (ICANN) an up to 7% increase in prices for “.com” domain names in each of the last four years of each six-year period of the registry agreement.

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