Madge Networks N.V. (Nasdaq: MADGF) soared up 3 5/16, or 60 percent, to a 52-week high of 8 7/8 Tuesday after its Madge.web unit revealed a strategic agreement with RealNetworks Inc. (Nasdaq: RNWK) to develop Europe's largest streaming media network.
RealNetworks shares moved up 5 1/2 to 151 15/16.
The new network, which will be called the Madge Broadcast Network, will be interconnected with RealNetworks' U.S. network to allow for the transatlantic exchange of streaming media content.
"End user expectations of Internet content are changing," said CEO Robert Madge in a prepared release. "With the provision of high quality streaming media using RealSystem G2 we will transform audience experience through dynamic real-time broadcasting."
Madge Networks, based in the Netherlands, moved up to a previous high of 5 15/16 earlier this month after falling to a low of 1 7/16 in October.
Last quarter, it posted a loss of 38 cents a share and analysts are looking for a loss of 16 cents a share this quarter.
The lone analyst following the stock rates it a "hold.">